Market News
Naira appreciates to N1,740/$ in parallel market - VANGUARD
By Elizabeth Adegbesan
The Naira yesterday appreciated to N1,740 per dollar in the parallel market from N1,745 per dollar on Wednesday.
Likewise, the Naira appreciated to N1,644.86 per dollar in the Nigerian Autonomous Foreign Exchange Market, NAFEM.
Data from FMDQ showed that the indicative exchange rate for NAFEM fell to N1,644.86 per dollar from N1,660.83 per dollar on Wednesday, indicating N15.97 appreciation for the naira.
The volume of dollars traded (turnover) increased by 66 percent to $560.34 million from $337.07 million traded on Wednesday. Consequently, the margin between the parallel market and NAFEM rate widened to N95.14 per dollar from N84.17 per dollar on Wednesday.
