Naira rises to N1,600 /$ in parallel market

The Naira gained strength in the parallel market, rising to N1,600 per dollar on Thursday from N1,615 per dollar on Wednesday.

In contrast, the Naira weakened in the Nigerian Autonomous Foreign Exchange Market, NAFEM, where it fell to N1,586.11 per dollar from N1,543.84 per dollar on Wednesday, reflecting a depreciation of N42.27.

Trading volume in NAFEM dropped by 30 percent, totaling $120.2 million compared to $171.79 million the previous day.

As a result, the gap between the parallel market rate and the NAFEM rate narrowed to N13.89 per dollar from N71.16 per dollar.

(allnews.ng)