Naira appreciates to N1,550/$ in parallel market

The Naira yesterday appreciated to N1,550 per dollar in the parallel market from N1,555 per dollar on Monday.

Similarly, the Naira appreciated to N1,576.66 per dollar in the Nigerian Autonomous Foreign Exchange Market, NAFEM.

Data from FMDQ showed that the indicative exchange rate for NAFEM fell to N1,576.66 per dollar from N1,577.29 per dollar on Monday, indicating 63 kobo appreciation for the naira.

The volume of dollars (turnover) traded in the window declined by 10 percent to $138.17 million from $153.53 million traded on Monday.

Consequently, the margin between the parallel market and NAFEM rates widened to N26.66 per dollar from N22.29 per dollar on Monday. – vanguard