Naira appreciates to N1,510/$ in parallel market
On the parallel market, the value of the Naira increased Wednesday, reaching N1,510 per dollar, from N1,515 per dollar on Friday of previous week. However, in the Nigerian Autonomous Foreign Exchange Market, or NAFEM, the value of the Naira decreased to N1,508.99 per dollar.
According to FMDQ data, the NAFEM's indicative exchange rate decreased from N1,505.3 to N1,508.99 per dollar over the previous weekend, signifying a N3.69 depreciation of the naira.
The amount of dollars exchanged on the market last Friday was $187.82 million, down 34.9 percent to $122.31 million.
As a result, last weekend's difference between the parallel market and NAFEM rates dropped to N1.01 per dollar from N9.7 per dollar.
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