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Naira Strengthens to N1,470/$ in Parallel Market |
Yesterday, the Naira gained ground in the parallel market, reaching N1,470 per dollar, up from N1,475 per dollar on Monday. Similarly, in the Nigerian Autonomous Foreign Exchange Market (NAFEM), the Naira appreciated to N1,465.68 per dollar.
Data from FMDQ indicates that the indicative exchange rate for NAFEM declined from N1,468.99 per dollar on Monday, reflecting a N3.31 appreciation for the Naira. As a result, the margin between the parallel market and NAFEM rates narrowed to N4.32 per dollar from N6.01 per dollar on Monday.
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