Politics
Parallel Market Witnesses Naira’s Upward Trend Against The US dollar
Parallel Market Witnesses Naira’s Upward Trend Against The US dollar....KINDLY READ THE FULL STORY HERE▶
Yesterday, the Naira experienced a surge in value to N1,260 per dollar in the parallel market, marking a notable increase from N1,270 per dollar recorded on Monday. Similarly, within the NAFEM (Nigerian Autonomous Foreign Exchange Market), the Naira appreciated to N1,262.85 per dollar.
According to data sourced from FMDQ, the indicative exchange rate for NAFEM dropped to N1,262.85 per dollar from N1,278.58 per dollar on Monday, signaling a significant appreciation of N15.73 for the Naira.
Consequently, the margin between the rates in the parallel market and NAFEM narrowed down to N2.85 per dollar from N8.58 per dollar recorded on Monday.
This development suggests a positive outlook for the Naira against major currencies, reflecting improving market dynamics and potentially boosting investor confidence in Nigeria’s economy.
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Source: Bushradiogist
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