Politics
Naira Rises In Parallel Market
Naira Rises In Parallel Market ....KINDLY READ THE FULL STORY HERE▶
Yesterday, the Naira saw an increase in the parallel market to N1,510 per dollar from N1,515 per dollar the previous Friday. However, in the Nigerian Autonomous Foreign Exchange Market (NAFEM), the Naira experienced depreciation to N1,508.99 per dollar.
According to data from FMDQ, the indicative exchange rate for NAFEM dropped to N1,508.99 per dollar from N1,505.3 per dollar over the weekend, indicating a Naira depreciation of N3.69. The volume of dollars traded in the market decreased by 34.9 percent to $122.31 million from $187.82 million last Friday.
Consequently, the gap between the parallel market and NAFEM rates narrowed to N1.01 per dollar from N9.7 per dollar the previous weekend.
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