Naira increases to N1,580/$ in parallel market

The naira yesterday appreciated to N1,580 per dollar in the parallel market from N1,590 per dollar on Monday.

Likewise, the naira appreciated to N1,560.57 per dollar in the Nigerian Foreign Exchange Market (NAFEM) yesterday.

According to data from FMDQ, the indicative exchange rate for NAFEM declined to N1,560.57 per dollar from N1,572.86 per dollar on Monday, signaling a N12.29 appreciation for the naira. Throughout the day, the market saw a high of N1,626.5 per dollar and a low of N1,415 per dollar, resulting in a margin of N211.5.

The volume of dollars traded (turnover) in the market decreased by 38 percent to $195.13 million from $315.21 million traded on Monday. Consequently, the margin between the parallel market rate and NAFEM widened to N29.43 per dollar from N17.24 per dollar on Monday.