May 17, 2024

Naira appreciates to N1,480/$ in parallel market


By Elizabeth Adegbesan

The Naira yesterday appreciated in the parallel market to N1,480 per dollar from N1,540 per dollar on Thursday.

Similarly, the Naira appreciated to N1,497.33 per dollar in the Nigerian Autonomous Foreign Exchange Market, NAFEM surpassing the parallel market rate by N10.33.

Data from FMDQ showed that the indicative exchange rate for NAFEM fell to N1,497.33 per dollar from N1,533.99 per dollar on Thursday, indicating N54.66 appreciation for the naira.

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The market recorded an intraday high of N1,555 per dollar and an intraday low of N1,415 per dollar resulting in a margin of N140.

The volume of dollars traded (turnover) in NAFEM fell by 69.4 per cent to $83.5 million from $272.86 million traded the previous day.

Consequently, the margin between the parallel market and NAFEM rates widened to N10.33 per dollar from N6.01 per dollar on Thursday.