Naira appreciates to N1,730/$ in parallel market

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

Data from FMDQ showed that the indicative exchange rate for NAFEM rose to N1,675.49 per dollar from N1,631.17 per dollar on Wednesday indicating N44.32 depreciation for the naira.

The volume of dollars traded (turnover) in the official market rose by 29 per cent to $166.61 million from $128.98 million traded on Wednesday.

Consequently, the margin between the parallel market and NAFEM rate narrowed to N54.51 per dollar from N118.83 per dollar on Wednesday.

(Vanguard)