Naira Appreciates at Parallel Market Against U.S. Dollar

The Naira yesterday appreciated in the parallel market to N1,375 per dollar from N1,500 per dollar on Tuesday.

But the Naira was depreciated to N1,339.33 per dollar in the Nigerian Autonomous Foreign Exchange Market, NAFEM.

Data from FMDQ showed that the indicative exchange rate for NAFEM rose to N1,329.65 per dollar from N1,173.88 per dollar on Tuesday, indicating N155.77 depreciation for the naira.

Consequently, the margin between the parallel market and NAFEM rates narrowed to N45.35 per dollar from N326.12 per dollar on Tuesday.