Naira appreciates to N1, 565/$ in parallel market
In the parallel market yesterday, the value of the Naira increased from N1,585 per dollar last Friday to N1,565 per dollar. However, in the Nigerian Autonomous Foreign Exchange Market, or NAFEM, the value of the Naira decreased to N1,548.76 per dollar.
The indicative exchange rate for NAFEM increased to N1,548.76 per dollar from N1,500.32 per dollar on Monday, according to data from FMDQ, suggesting an N48.44 depreciation of the naira.
The amount of money exchanged in the market, or turnover, increased from $269.88 million on Monday to $280.92 million, an increase of 11.04 percent. As a result, the difference between the NAFEM rate and parallel market dropped from N84.64 to N16.08 per dollar on Monday.
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