Naira rises to N1,640/$ in parallel market

Naira rises to N1,640/$ in parallel market

The Naira yesterday depreciated to N1,640 per dollar in the parallel market from N1,650 per dollar on Thursday. Similarly, the Naira depreciated to N1,541.52 per dollar in the Nigerian Autonomous Foreign Exchange Market, NAFEM.

Data from FMDQ showed that the indicative exchange rate for NAFEM fell to N1,541.52 per dollar from N1,544.02 per dollar on Thursday, indicating N2.5 appreciation for the naira.

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The volume of dollars traded (turnover) in the official market declined by 117.7 percent to $190.57 million from $87.51 million traded on Thursday.

Consequently, the margin between the parallel market and NAFEM rate narrowed to N98.48 per dollar from N105.98 per dollar on Thursday.

Naira rises to N1,640/$ in parallel market