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Naira appreciates slightly against dollar at parallel market

On Tuesday, the Naira appreciated to N1,320 per dollar on the parallel market, up from N1,340 on Monday.

Similarly, the Naira appreciated on the Nigerian Foreign Exchange Market, NAFEM, to N1,390.96 per dollar.

Data from FMDQ showed that the indicative exchange rate for NAFEM fell to N1,390.96 per dollar from N1,419.11 per dollar on Monday, indicating N28.15 appreciation for the naira. The market recorded an intraday high of N1,450 per dollar and an intraday low of N1,200 per dollar resulting in a N250 per dollar margin.

The volume of dollars traded in the market increased by 52.4 percent to $225.36 million from $147.83 million traded on Monday. Consequently, the margin between the parallel market and NAFEM rates narrowed to N70.96 per dollar from N79.11 per dollar on Monday.


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