Naira rises to N1,580 per dollar in black market

The Naira strengthened yesterday to N1,580 per dollar in the parallel market, up from N1,590 per dollar on Monday.
Similarly, the Naira gained ground to N1,560.57 per dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEM).

Data from FMDQ revealed that the indicative exchange rate for NAFEM dropped to N1,560.57 per dollar from Monday’s N1,572.86 per dollar, marking 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 N211.5 margin.

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