Business
Naira Appreciates to N1,745/$ in Parallel Market, Depreciates in NAFEM
The Nigerian Naira experienced mixed fortunes across different currency markets yesterday. In the parallel market, the Naira appreciated to N1,745 per dollar, a notable improvement from the N1,755 recorded on Tuesday.
However, the situation was different in the Nigerian Autonomous Foreign Exchange Market (NAFEM), where the Naira depreciated to N1,660.83 per dollar from the previous rate of N1,659.44 per dollar. This reflects a slight drop of N1.39, according to data from the FMDQ.
In addition, the trading volume in the forex market saw a significant decline. Dollar turnover fell by 20.8% to $337.07 million, compared to the $425.98 million traded on Tuesday.
As a result, the exchange rate gap between the parallel market and NAFEM narrowed to N84.17 per dollar, down from N95.56 per dollar the previous day.