December 22, 2023

Naira appreciates to N1,220/$ in parallel market

Naira falls to N1250/$ in parallel market

Naira falls to N1220/$ in parallel market

By Elizabeth Adegbesan

The naira yesterday appreciated to N1, 220 per dollar in the parallel market from N1, 238 per dollar on Wednesday.

However, the naira depreciated to N861.91 per dollar in the official Nigerian Foreign Exchange Market (NAFEM).

Data from FMDQ showed that the indicative exchange rate for NAFEM rose to N861.91 per dollar from N854.61 per dollar on Wednesday, indicating a N7.3 depreciation for the naira.

The intraday high stood at N1249 per dollar while the intraday low for the window was N700 per dollar resulting in a N549 per dollar margin. 

As a result, the gap between the official and parallel market exchange rates widened to N358.09 per dollar yesterday from N383.39   per dollar on Wednesday.

 The volume of dollars traded on the window stood at  $181.3 million, the same figure as the previous day.

Vanguard News