May 22, 2024

Naira appreciates to N1,470/$ in parallel market


By Elizabeth Adegbesan

The Naira yesterday appreciated in the parallel market to N1,470 per dollar from N1,475 per dollar on Monday.

Similarly, the Naira appreciated to N1,465.68 per dollar in the Nigerian Autonomous Foreign Exchange Market, NAFEM.

Data from FMDQ showed that the indicative exchange rate for NAFEM fell to N1,465.68 per dollar from N1,468.99 per dollar on Monday, indicating N3.31 appreciation for the naira.

Consequently, the margin between the parallel market and NAFEM rates narrowed to N4.32 per dollar from N6.01 per dollar on Monday.