Naira rises to N1670/$ in parallel market
In a similar vein, the value of the Naira increased on the Nigerian Autonomous Foreign Exchange Market, or NAFEM, to N1,622.57 per dollar. In a similar vein, the value of the Naira increased on the Nigerian Autonomous Foreign Exchange Market, or NAFEM, to N1,622.57 per dollar.
The indicative exchange rate for NAFEM dropped from N1,625.13 per dollar on Wednesday to N1,622.57 per dollar, according to data from FMDQ, indicating a N2.56 appreciation for the naira.
From $170.6 million transacted on Wednesday, the amount of dollars moved (turnover) in the official market fell by 14.6 percent to $145.56 million.
As a result, on Wednesday, the difference between the NAFEM rate and the parallel market dropped from N49.87 to N47.53 per dollar.
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