April 18, 2024

Naira Appreciates to N1,430/$ in Parallel Market

 

 

The naira strengthened to N1,430 per dollar in the parallel market yesterday, rising from N1,470 per dollar recorded last weekend.

 

Additionally, the naira appreciated to N1,408.04 per dollar in the Nigerian Foreign Exchange Market (NAFEM) on the same day.

 

According to data from FMDQ, the indicative exchange rate for NAFEM dropped to N1,408.04 per dollar from N1,431.49 per dollar last Friday, indicating a significant appreciation of N23.45 for the naira.

 

Consequently, the margin between the parallel market rate and NAFEM narrowed to N21.96 per dollar from N38.51 per dollar observed last week Friday.

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