Naira appreciates to N1,600 in parallel market, depreciates in NAFEM

The Naira appreciated yesterday in the parallel market, strengthening to N1,600 per dollar from N1,615 per dollar on Wednesday.

However, in the Nigerian Autonomous Foreign Exchange Market (NAFEM), the Naira depreciated to N1,586.11 per dollar. Data from FMDQ revealed that the indicative exchange rate for NAFEM rose to N1,586.11 per dollar from N1,543.84 per dollar on Wednesday, marking a N42.27 depreciation for the Naira.

Additionally, the volume of dollars traded in NAFEM dropped by 30 percent, falling to $120.2 million from the $171.79 million traded on Wednesday. As a result, the margin between the parallel market rate and the NAFEM rate narrowed to N13.89 per dollar, down from N71.16 per dollar on Wednesday.