Naira Appreciates Against Dollar In Parallel Market

Naira increased to N1,715 per dollar in the parallel market from N1,725 per dollar......CONTINUE READING THE ARTICLE FROM THE SOURCE>>>>>

However, the Naira yesterday depreciated to N1,603.16 per dollar in the Nigerian Autonomous Foreign Exchange Market, NAFEM.

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Data from FMDQ showed that the indicative exchange rate for NAFEM fell to N1,603.16 per dollar from N1,600.78 per dollar last week Friday, indicating N2.38 depreciation for the naira.

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The volume of dollars traded (turnover) in the official market grew by 2.4 per cent to $359.22 million from $350.72 million traded last weekend.

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Consequently, the margin between the parallel market and the NAFEM rate narrowed to N111.84 per dollar from N124.22 per dollar last week Friday.

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