Naira appreciates against dollar, trades at N1,320/$ at parallel market
In the parallel market yesterday, the value of the Naira increased from N1,340 per dollar on Monday to N1,320 per dollar. In a similar vein, the value of the Naira increased to N1,390.96 per dollar on the Nigerian Foreign Exchange Market, or NAFEM.
The indicated exchange rate for NAFEM dropped to N1,390.96 per dollar from N1,419.11 per dollar on Monday, according to data from FMDQ, indicating a N28.15 appreciation for the naira.
The market saw intraday highs of N1,450 and lows of N1,200 per dollar, translating into a margin of N250 per dollar.
The amount of money exchanged in the market rose from $147.83 million on Monday to $225.36 million, a 52.4 percent rise. As a result, the difference in rates between the parallel market and NAFEM fell to N70.96 per dollar from N79.11 on Monday.
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