Naira Appreciates Against Dollar In Parallel Market—-On Tuesday, the Naira appreciated against the dollar in both the parallel market and the Nigerian Autonomous Foreign Exchange Market (NAFEM).
In the parallel market, the exchange rate improved to N1,550 per dollar, up from N1,555 per dollar on Monday.
In the NAFEM, the Naira also strengthened, trading at N1,576.66 per dollar compared to N1,577.29 per dollar the previous day. This reflects a 63 kobo appreciation.
According to data from FMDQ, the volume of dollars traded in the NAFEM window decreased by 10 percent, from $153.53 million on Monday to $138.17 million on Tuesday.
As a result, the margin between the parallel market rate and the NAFEM rate widened to N26.66 per dollar from N22.29 per dollar on Monday.
