April 16, 2024

Naira appreciates to N1,080$ in parallel market



By Elizabeth Adegbesan

The Naira, yesterday, appreciated to N1,080 per dollar in the parallel market, from N1,230 per dollar last weekend.
Similarly, the Naira appreciated in the Nigerian Foreign Exchange Market, NAFEM, to N1,136.04 per dollar.

Data from FMDQ showed that the indicative exchange rate for NAFEM fell to N1,136.04 per dollar from N1,143.38 per dollar last week Friday, indicating N7.34 appreciation for the naira.

Consequently, the margin between the parallel market and NAFEM rates narrowed to N56.04 per dollar from N86.62 per dollar last Friday.