Parallel market: Naira rises to N1,675

The Naira strengthened in the parallel market, appreciating to N1,675 per dollar from Wednesday’s rate of N1,680. Similarly, in the Nigerian Autonomous Foreign Exchange Market, NAFEM, the Naira appreciated to N1,576.1 per dollar.

According to data from FMDQ, the indicative exchange rate for NAFEM dropped to N1,576.1 per dollar, down from Wednesday’s rate of N1,667.42, marking a N91.32 gain for the Naira.

Additionally, dollar turnover in the official market surged by 232.4%, rising to $334.05 million compared to $100.47 million traded the previous day.

As a result, the gap between the parallel market and NAFEM rates increased to N98.9 per dollar, up from N12.58 per dollar on Wednesday. (Vanguard)