Naira Appreciates Again In Parallel Market (SEE EXCHANGE RATE)

Naira Appreciates Again In Parallel Market (SEE EXCHANGE RATE)

Yesterday, the naira experienced an appreciation to N1,220 per dollar in the parallel market, up from N1,238 per dollar on Wednesday.

In contrast, the naira faced depreciation to N861.91 per dollar in the official Nigerian Foreign Exchange Market (NAFEM).

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Data obtained from FMDQ indicated that the indicative exchange rate for NAFEM increased to N861.91 per dollar from N854.61 per dollar on Wednesday, signifying a N7.3 depreciation for the naira.

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Within the NAFEM, the intraday high reached N1,249 per dollar, while the intraday low was N700 per dollar, resulting in a margin of N549 per dollar. Consequently, the gap between the official and parallel market exchange rates widened to N358.09 per dollar on Thursday, compared to N383.39 per dollar on Wednesday.

The volume of dollars traded on the NAFEM stood at $181.3 million, matching the figure from the previous day.

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