Naira Strengthens Against Dollar, Appreciates by 2.5% at NAFEM

Yesterday, the Naira appreciated N1,725 per dollar in the parallel market, and it went from N1,730 per dollar on Wednesday.

Similarly , the Naira appreciated to N1,639.5 per dollar in the Nigerian Autonomous Foreign Exchange Market, NAFEM.

Data from FMDQ showed that the indicative exchange rate for NAFEM fell to N1,639.5 per dollar from N1,681.65 per dollar on Wednesday indicating N42.15 appreciation for the naira. The volume of dollars traded (turnover) in the official market grew by 24 percent to $244.96 million from $196.78 million traded on Wednesday .

Consequently, the margin between the parallel market and NAFEM rate widened to N85.5 per dollar from N48.35 per dollar on Wednesday .