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Naira make gains, exchanges for N1,585/$ in parallel market
According to FMDQ data, the NAFEM’s indicative exchange rate decreased from N1,586.04 to N1,564.48 per dollar on Wednesday, indicating a N21.56 appreciation of the naira.
In the parallel market yesterday, the value of the Naira increased from N1,595 per dollar on Wednesday to N1, 585 per dollar.
In a similar vein, the Naira strengthened on the Nigerian Autonomous Foreign Exchange Market, or NAFEM, Wednesday, reaching N1,586.04 per dollar.
According to FMDQ data, the NAFEM’s indicative exchange rate decreased from N1,586.04 to N1,564.48 per dollar on Wednesday, indicating a N21.56 appreciation of the naira.
From $92.39 million traded on Wednesday to $149.24 million, the market’s dollar volume jumped by 61.5 percent.
As a result, on Wednesday, the difference between the NAFEM rate and the parallel market was N20.52 per dollar, up from N8.96 per dollar.
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