Naira Rises to N1,580/$ in Parallel Market

The Naira yesterday appreciated to N1, 580 per dollar in the parallel market from N1,610 per dollar last week Friday. But, the Naira yesterday depreciated to N1,611.4 per dollar in the Nigerian Autonomous Foreign Exchange Market, NAFEM.

Data from FMDQ showed that the indicative exchange rate for NAFEM rose to N1,611.4 per dollar from N1,609.29 per dollar over the weekend, indicating N2.11 depreciation for the naira.

The volume of dollars traded (turnover) in the market increased by 6.3 percent to $179.34 million from $168.63 million traded last weekend. Consequently, the margin between the parallel market and NAFEM rate widened to N31.4 per dollar from 71 kobo per dollar last week Friday.