Economy
Naira Appreciates to N1,500/$ in Parallel Market
Yesterday, the Naira experienced an appreciation in the parallel market, improving to N1,500 per dollar from N1,505 per dollar observed on Monday.
Conversely, in the Nigerian Autonomous Foreign Exchange Market (NAFEM), the Naira depreciated slightly to N1,500.79 per dollar.
Data from FMDQ revealed that the indicative exchange rate for NAFEM rose to N1,500.79 per dollar from Monday’s rate of N1,490.2 per dollar, marking a depreciation of N10.59. Additionally, the market saw a 10 percent decline in the volume of dollars traded, with turnover dropping to $136.72 million from $152 million.
As a result, the gap between the parallel market and NAFEM rates reduced significantly, narrowing to 79 kobo per dollar from N14.8 per dollar on Monday.
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