Economy
Naira Strengthens to N1,080 Against Dollar in Parallel Market
The Naira experienced an upswing in value against the US dollar on the parallel market, reaching an exchange rate of N1,080 per dollar, compared to N1,230 per dollar at the end of last weekend.
The currency also saw gains in the Nigerian Foreign Exchange Market (NAFEM), where the Naira improved to N1,136.04 per dollar, marking a notable shift.
Data from FMDQ indicated that the indicative exchange rate for NAFEM decreased to N1,136.04 per dollar, down from N1,143.38 per dollar on the previous Friday. This represents an appreciation of N7.34 for the Naira.
As a result, the margin between the parallel market and NAFEM rates has narrowed to N56.04 per dollar from the previous week’s N86.62 per dollar.
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