Politics
Breaking News: Naira Strengthens To N1,225 Per Dollar In Parallel Market
Breaking News: Naira Strengthens To N1,225 Per Dollar In Parallel Market....KINDLY READ THE FULL STORY HERE▶
The Naira experienced a positive shift on Tuesday, appreciating to N1,225 per dollar in the parallel market, compared to the N1,240 rate recorded on Monday. Simultaneously, in the official Nigerian Foreign Exchange Market (NAFEM), the Naira strengthened to N844.85 per dollar, as reported by data from FMDQ..CONTINUE READING
FMDQ data revealed a noteworthy decline in the indicative exchange rate for NAFEM, dropping from N888.35 per dollar on Monday to N844.85 per dollar, signaling a substantial N43.5 appreciation for the Naira. This development led to a widening gap between the official and parallel market exchange rates, reaching N380.15 per dollar on Tuesday, up from N351.65 per dollar the previous Friday.
The market’s intraday high reached N1,189.12 per dollar, while the intraday low was N720 per dollar, resulting in a gap of N469.12 per dollar. The volume of dollars traded on the window experienced a 19 percent decrease, falling from $137.82 million on Monday to $111.76 million on Tuesday.
Sharing insights from the black market perspective, Mr. Sanni Usman, a trader, disclosed that he purchased a dollar at N1,210 on Tuesday and sold it for N1,225.
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Source; Bushradiogist
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