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Naira Appreciates To N1,485/$ In Parallel Market

As a result, the gap between the parallel market and NAFEM rates widened to N11.34 per dollar from N6.38 per dollar on Monday.

By Johnson Atoukudu

Yesterday, the Naira appreciated in the parallel market to N1,485 per dollar from N1,490 per dollar on Monday. In the Nigerian Autonomous Foreign Exchange Market (NAFEM), the Naira appreciated to N1,473.66 per dollar.

Data from FMDQ showed that the indicative exchange rate for NAFEM fell to N1,473.66 per dollar from N1,483.62 per dollar on Monday, reflecting a N9.96 appreciation for the Naira.

The volume of dollars traded in this window increased by 138.6 percent, rising to $385.91 million from $161.69 million on Monday.

As a result, the gap between the parallel market and NAFEM rates widened to N11.34 per dollar from N6.38 per dollar on Monday.

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