Naira Strengthens Slightly in Parallel Market; See the Current Value
Naira Strengthens Slightly in Parallel Market; See the Current Value
Naira and Dollars
Yesterday, the Naira appreciated slightly in the parallel market, rising to N1,640 per dollar from N1,650 the previous day. In the Nigerian Autonomous Foreign Exchange Market (NAFEM), the Naira also improved to N1,541.52 per dollar, up from N1,544.02.
According to data from FMDQ, this represents a N2.5 gain for the Naira in NAFEM. However, trading volume in the official market saw a significant decline, plummeting by 117.7 percent to $190.57 million from $87.51 million the day before.
As a result, the gap between the parallel market rate and the NAFEM rate decreased to N98.48 per dollar, down from N105.98.
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