Naira Appreciates to N1,475 per Dollar in Parallel Market

Yesterday, the Naira saw an increase in value on the parallel market, reaching N1,475 per Dollar, a slight improvement from its previous standing at N1,480 per Dollar over the weekend. Similarly, within the Nigerian Autonomous Foreign Exchange Market (NAFEM), the Naira strengthened to N1,468.99 per dollar.

Data sourced from FMDQ revealed that the indicative exchange rate within NAFEM dropped to N1,468.99 per Dollar, down from N1,497.33 per Dollar recorded the previous Friday, marking a noteworthy appreciation of N28.34.

Consequently, the margin between the parallel market and NAFEM rates contracted to N6.01 per dollar, a reduction from the N10.33 per Dollar observed last weekend.