Naira appreciates to N1,715 in parallel market

The Naira on Monday appreciated to N1,715 per dollar in the parallel market from N1,725 per dollar last weekend.

However, the Naira on Monday depreciated to N1,603.16 per dollar in the Nigerian Autonomous Foreign Exchange Market, NAFEM.

Data from FMDQ showed that the indicative exchange rate for NAFEM fell to N1,603.16 per dollar from N1,600.78 per dollar last week Friday, indicating N2.38 depreciation for the naira.

The volume of dollars traded (turnover) in the official market grew by 2.4 per cent to $359.22 million from $350.72 million traded last weekend.

Consequently, the margin between the parallel market and the NAFEM rate narrowed to N111.84 per dollar from N124.22 per dollar last week Friday.