Naira Rises to N1,730/$ in Parallel Market
The Naira yesterday appreciated to N1,730 per dollar in the parallel market from N1,740 per dollar last weekend.
However, the Naira depreciated to N1,670.65 per dollar in the Nigerian Autonomous Foreign Exchange Market, NAFEM. Data from FMDQ showed that the indicative exchange rate for NAFEM rose to N1,670.65 per dollar from N1,600 per dollar last Friday , indicating N70.65 depreciation for the naira. The volume of dollars traded (turnover) in the official market declined by 71.5 percent to $81.17 million from $284.93 million traded last weekend.
Consequently, the margin between the parallel market and NAFEM rate narrowed to N59.35 per dollar from N140 per dollar last week Friday.
