See the Current Value of Naira to USD Dollar as Naira Strengthens in Parallel Market
See the Current Value of Naira to USD Dollar as Naira Strengthens in Parallel Market
By Elizabeth Adegbesan
Naira and Dollars
The Nigerian Naira gained ground on Thursday, rising to N1,740 per dollar in the parallel market, up from N1,745 per dollar the previous day. In the Nigerian Autonomous Foreign Exchange Market (NAFEX), the Naira also saw an improvement, appreciating to N1,644.86 per dollar, compared to N1,660.83 per dollar on Wednesday.
According to data from FMDQ, the NAFEX rate reflected a N15.97 gain for the Naira, as it dropped from N1,660.83 to N1,644.86. This strengthened local currency was accompanied by a notable surge in dollar transactions, with the total turnover rising by 66% to $560.34 million, up from $337.07 million on Wednesday.
As a result, the difference between the parallel market rate and the NAFEX rate widened, increasing to N95.14 per dollar from N84.17 per dollar the day before.
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