Business
Naira appreciates to N1,552 in NAFEM, parallel market at N1,680
The Naira appreciated to N1,680 per dollar in the parallel market yesterday, compared to N1,690 per dollar over the previous weekend.
Similarly, in the Nigerian Autonomous Foreign Exchange Market (NAFEM), the Naira strengthened to N1,552.92 per dollar. Data from FMDQ revealed that the indicative exchange rate for NAFEM fell to N1,552.92 per dollar from N1,641.27 per dollar last weekend, marking an appreciation of N88.35 for the Naira.
However, the volume of dollars traded in the official market dropped by 44 percent, down to $343.71 million from $616.73 million traded the previous Friday.
As a result, the gap between the parallel market and NAFEM rates widened to N127.08 per dollar, up from N48.73 per dollar last weekend.
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