Naira Gain Strength Against Dollar In Parallel Market

0
18
Naira
Naira Gain Strenght Against Dollar In Parallel Market

Naira Gain Strength Against Dollar In Parallel Market—-On Tuesday, the Naira appreciated in the parallel market, improving to N1,500 per dollar from N1,505 per dollar on Monday.

In contrast, it depreciated in the Nigerian Autonomous Foreign Exchange Market (NAFEM), settling at N1,500.79 per dollar.

According to data from FMDQ, the indicative exchange rate for NAFEM rose to N1,500.79 per dollar from N1,490.2 per dollar on Monday, marking a N10.59 depreciation for the Naira.

The market also saw a 10 percent decline in the volume of dollars traded, with turnover falling to $136.72 million from $152 million on Monday.

As a result, the margin between the parallel market and NAFEM rates narrowed significantly, dropping to 79 kobo per dollar from the previous N14.8 per dollar on Monday.

0Shares

Leave a Reply