Naira rises to N1,675 in parallel market

*As NAFEM turnover rises 232%

By Elizabeth Adegbesan

The Naira yesterday appreciated to N1,675 per dollar in the parallel market from N1,680 per dollar on Wednesday. Similarly, the Naira appreciated to N1,576.1 per dollar in the Nigerian Autonomous Foreign Exchange Market, NAFEM.

Data from FMDQ showed that the indicative exchange rate for NAFEM fell to N1,576.1 per dollar from N1,667.42 per dollar on Wednesday, indicating N91.32 appreciation for the naira. The volume of dollars traded (turnover) in the official market rose by 232.4 percent to $334.05 million from $100.47 million traded on Wednesday.

Consequently, the margin between the parallel market and NAFEM rate widened to N98.9 per dollar from N12.58 per dollar on Wednesday.

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