Naira down to N1,565/$ in parallel market

The Naira yesterday appreciated to N1,565 per dollar in the parallel market from N1,585 per dollar last Friday. However, the Naira depreciated to N1,548.76 per dollar in the Nigerian Autonomous Foreign Exchange Market, NAFEM.

Data from FMDQ showed that the indicative exchange rate for NAFEM rose to N1,548.76 per dollar from N1,500.32 per dollar on Monday, indicating N48.44 depreciation for the naira. The volume of dollars traded (turnover) in the market grew by 11.04 per cent to $280.92 million from $269.88 million traded on Monday .

Consequently, the margin between the parallel market and NAFEM rate narrowed to N16.08 per dollar from N84.64 per dollar on Monday.