Naira rises to N1,745/$ in parallel market

The Naira yesterday appreciated to N1,745 per dollar in the parallel market from N1,755 per dollar on Tuesday.

But the Naira depreciated to N1,660.83 per dollar in the Nigerian Autonomous Foreign Exchange Market, NAFEM. Data from FMDQ showed that the indicative exchange rate for NAFEM rose to N1,660.83 per dollar from N1,659.44 per dollar on Tuesday, indicating N1.39 depreciation for the naira.

The volume of dollars traded (turnover) declined by 20.8 percent to $337.07 million from $425.98 million traded on Tuesday. Consequently, the margin between the parallel market and NAFEM rate narrowed to N84.17 per dollar from N95.56 per dollar on Tuesday.