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June 21, 2024

Naira appreciates to N1,485/$ in parallel market

Naira

By Elizabeth Adegbesan

The Naira yesterday appreciated in the parallel market to N1,485 per dollar from N1,490 per dollar on Wednesday.

However, the Naira depreciated to N1,485.36 per dollar in the Nigerian Autonomous Foreign Exchange Market, NAFEM.

Data from FMDQ showed that the indicative exchange rate for NAFEM rose to N1,485.06 per dollar from N1,483.02 per dollar on Wednesday, indicating N2.04 depreciation for the naira.

Consequently, the margin between the parallel market and NAFEM rates narrowed to 36 kobo per dollar from N6.98 per dollar on Wednesday.