Home Business Banking & Finance Naira rises to 1,485/$ in parallel market

Naira rises to 1,485/$ in parallel market

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The Naira yesterday appreciated in the parallel market to N1,485 per dollar from N1,490 per dollar on Monday.

The Naira appreciated to N1,473.66 per dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEM).

Data from FMDQ showed that the indicative exchange rate for NAFEM fell to N1,473.66 per dollar from N1,483.62 per dollar on Monday, indicating N9.96 appreciation for the naira.

The volume of dollars traded on the window increased by 138.6 percent to $385.91 million from $161.69 million on Monday.

Consequently, the margin between the parallel market and NAFEM rates widened to N11.34 per dollar from N6.38 per dollar on Monday.

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