Economy
Naira Appreciates to N1,485/$ in Parallel Market as NAFEM Records 138% Rise in Turnover
The Naira appreciated in the parallel market yesterday, rising to N1,485 per dollar from Monday’s rate of N1,490 per dollar. In the Nigerian Autonomous Foreign Exchange Market (NAFEM), the Naira also strengthened, appreciating to N1,473.66 per dollar from N1,483.62 per dollar.
According to data from FMDQ, this represents a N9.96 appreciation for the Naira within NAFEM. Additionally, the volume of dollars traded in the market surged by 138.6 percent, climbing to $385.91 million from $161.69 million on Monday.
This fluctuation widened the margin between the parallel market and NAFEM rates to N11.34 per dollar, compared to N6.38 per dollar on Monday.
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