May 21, 2024

Naira appreciates to N1,475/$ in parallel market


By Elizabeth Adegbesan

The Naira yesterday appreciated in the parallel market to N1,475 per dollar from N1,480 per dollar last weekend.

Similarly, the Naira appreciated to N1,468.99 per dollar in the Nigerian Autonomous Foreign Exchange Market, NAFEM.

Data from FMDQ showed that the indicative exchange rate for NAFEM fell to N1,468.99 per dollar from N1,497.33 per dollar last week Friday, indicating N28.34 appreciation for the naira.

Consequently, the margin between the parallel market and NAFEM rates narrowed to N6.01 per dollar from N10.33 per dollar last weekend.