Economy
Naira Appreciates in Parallel Market, Faces Decline in Official Market
The Naira experienced mixed fortunes in the foreign exchange markets yesterday. In the parallel market, the Naira appreciated, reaching N1,565 per dollar, an improvement from N1,585 per dollar recorded last Friday. Conversely, in the Nigerian Autonomous Foreign Exchange Market (NAFEM), the Naira depreciated, dropping to N1,548.76 per dollar.
Data from FMDQ revealed a significant shift in the indicative exchange rate for NAFEM, rising from N1,500.32 per dollar on Monday to N1,548.76 per dollar. This change marks a depreciation of N48.44 for the Naira. Additionally, the turnover in the market saw a notable increase of 11.04 percent, with $280.92 million traded compared to $269.88 million on Monday.
As a result of these fluctuations, the margin between the parallel market rate and the NAFEM rate narrowed considerably, reducing from N84.64 per dollar on Monday to N16.08 per dollar.
-
Entertainment2 years agoAdanma Luke Appeals for Forgiveness over Junior Pope’s Death: “I’m Gradually Losing My Life, Please Forgive Me”
-
Security News2 years agoRivers: Tension as Gunmen on Speedboat Abduct Fubara, Police Launch Manhunt
-
Security News2 years agoSoldiers in South East Extort, Humiliate Us While Kidnappers Operate Freely Near Checkpoints, Igbo Women’s Group Alleges
-
Politics2 years agoRevealed: Ajuri Ngelale Fired Over Feud with Onanuga, Despite Medical Cover Story
-
General News2 years agoGov. Soludo Seals Peter Obi’s Campaign Office, Edozie Njoku-Led APGA State Office
-
Security News2 years agoEnugwu-Ukwu in Shock: Deadly Ambush Leaves Multiple Dead, Survivors in Fear
-
General News2 years agoVideo: Moment DSS Staff Erupt in Jubilation as News of Bichi’s Sack Announced
-
Breaking News2 years agoJUST IN: Presidential Adviser Ajuri Ngelale Steps Down Temporarily, Cites Reasons