Naira rises to N1,060/$ in parallel market

Yesterday, the Naira strengthened to N1,060 per dollar on the parallel market, up from N1,105 per dollar on Wednesday. However, it fell to N1,154.08 per dollar on the Nigerian Foreign Exchange Market (NAFEM).

According to FMDQ data, the indicative exchange rate for NAFEM increased to N1,154.08 per dollar from N1,072.74 per dollar on Wednesday, representing a N81.34 depreciation in the note.

Naira

As a result, the gap between parallel market and NAFEM rates grew to N94.08 per dollar from N32.26 per dollar on Wednesday.

Source: Vanguardngr.com