Naira appreciates to N1,725/$ in parallel market

The Naira yesterday appreciated to N1,725 per dollar in the parallel market from N1,730 per dollar on Monday.

Similarly, the Naira appreciated to N1,630.45 per dollar in the Nigerian Autonomous Foreign Exchange Market, NAFEM. Data from FMDQ showed that the indicative exchange rate for NAFEM fell to N1,630.45 per dollar from N1,670.65 per dollar on Monday indicating N40.2 appreciation for the naira.

The volume of dollars traded (turnover) in the official market increased by 198.8 percent to $242.59 million from $81.17 million traded on Monday.

Consequently, the margin between the parallel market and NAFEM rate widened to N94.55 per dollar from N59.35 per dollar on Monday.

(Vanguard)