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June 15, 2024

Naira appreciates to N1,470/$ in parallel market


By Elizabeth Adegbesan

The Naira, on Thursday, appreciated in the parallel market to N1,470 per dollar from N1,500 per dollar on Thursday.

However, the naira depreciated to N1,482.72 per dollar in the Nigerian Autonomous Foreign Exchange Market, NAFEM.

Data from FMDQ showed that the indicative exchange rate for NAFEM rose to N1,482.72 per dollar from N1,476.24 per dollar on Thursday, indicating N6.48 depreciation for the naira.

The volume of dollars traded on the window fell by 98 percent per cent to $183.47 million from $92.68 million on Thursday.

Consequently, the margin between the parallel market and NAFEM rates narrowed to N12.72 per dollar from N23.76 per dollar on Thursday.