Naira Rise Against Dollar In Parallel Market

Naira Rise Against Dollar In Parallel Market 

The Naira gained ground in the parallel market yesterday, rising to N1,485 per dollar from N1,490 per dollar on Wednesday.

However, in the Nigerian Autonomous Foreign Exchange Market (NAFEM), the Naira declined to N1,485.36 per dollar.

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

As a result, the gap between the parallel market and NAFEM rates narrowed to 36 kobo per dollar from N6.98 per dollar on Wednesday.