Naira appreciates against dollar in parallel market

On Thursday, the Naira strengthened in the parallel market, appreciating to N1,485 per dollar from the previous day’s rate of N1,490 per dollar.

Conversely, in the Nigerian Autonomous Foreign Exchange Market (NAFEM), the Naira weakened slightly, falling to N1,485.36 per dollar.

Data from FMDQ revealed that the indicative exchange rate for NAFEM increased to N1,485.06 per dollar, up from N1,483.02 per dollar on Wednesday, marking a depreciation of N2.04 for the Naira.

As a result, the gap between the parallel market and NAFEM rates narrowed significantly, shrinking to 36 kobo per dollar from Wednesday’s difference of N6.98 per dollar.