Home Business Banking & Finance Naira appreciates to 1,510/$ in parallel market

Naira appreciates to 1,510/$ in parallel market

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The Naira yesterday appreciated in the parallel market to N1,510 per dollar from N1,515 per dollar last week Friday. However, the Naira depreciated to N1,508.99 per dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEM).

Data from FMDQ showed that the indicative exchange rate for NAFEM fell to N1,508.99 per dollar from N1,505.3 per dollar last weekend, indicating N3.69 depreciation for the naira. The volume of dollars traded in the market fell by 34.9 percent to $122.31 million from $187.82 million last week Friday.

Consequently, the margin between the parallel market and NAFEM rates narrowed to N1.01 per dollar from N9.7 per dollar last weekend.

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