Economy
Naira Appreciates to N1,545/$ in Parallel Market
The Nigerian Naira witnessed a slight appreciation to N1,545 per dollar in the parallel market on Friday, up from N1,550 per dollar recorded the previous day.
Contrarily, the Naira depreciated to N1,563.8 per dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEM).
Data sourced from FMDQ revealed that the indicative exchange rate for NAFEM rose to N1,563.8 per dollar from N1,554.55 per dollar on Thursday, indicating a depreciation of N9.25 for the Naira.
During trading, the parallel market saw an intraday high of N1,586 per dollar and a low of N1,496.46 per dollar, resulting in a variance of N89.54.
The volume of dollars traded on the NAFEM window decreased significantly by 63.7 percent to $126.5 million from $348.82 million traded on Thursday.
Consequently, the spread between the parallel market and NAFEM rates narrowed to N18.8 per dollar from N54.55 per dollar observed the previous day.
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