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Naira makes gain, exchanges for N1,735/$ in parallel market
The volume of dollars traded (turnover) in the market declined by 41.6 percent to $173.14 million from $296.63 million sold last weekend. Consequently, the margin between the parallel market and NAFEM rate narrowed to N44.63 per dollar from N87.75 per dollar last week Friday.
The Naira yesterday appreciated to N1,735 per dollar in the parallel market from N1,740 per dollar last weekend. However, the Naira depreciated to N1,690.37 per dollar in the Nigerian Autonomous Foreign Exchange Market, NAFEM.
Data from FMDQ showed that the indicative exchange rate for NAFEM rose to N1,690.37 per dollar from N1,652.25 per dollar last week Friday, indicating N38.12 depreciation for the naira.
The volume of dollars traded (turnover) in the market declined by 41.6 percent to $173.14 million from $296.63 million sold last weekend. Consequently, the margin between the parallel market and NAFEM rate narrowed to N44.63 per dollar from N87.75 per dollar last week Friday.
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