Naira rises to N1,725/$ in parallel market
In the parallel market, the value of the Naira increased from N1,730 to N1,725 per dollar on Monday to N1,725 yesterday. Similarly, in the Nigerian Autonomous Foreign Exchange Market, or NAFEM, the value of the Naira increased to N1,630.45 per dollar.
According to data from FMDQ, the naira appreciated by N40.2 on Monday, as the indicative exchange rate for NAFEM dropped from N1,670.65 to N1,630.45 per dollar.
The official market's turnover, or the amount of dollars traded, rose from $81.17 million on Monday to $242.59 million, a 198.8% increase.
As a result, the difference between the NAFEM rate and the parallel market rate increased from N59.35 to N94.55 per dollar on Monday.
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