Naira Strengthens to N1,470 Per Dollar in Parallel Market

On Thursday, the Naira gained value in the parallel market, appreciating to N1,470 per dollar from N1,500 per dollar. However, it depreciated to N1,482.72 per dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEM).

According to data from FMDQ, the indicative exchange rate for NAFEM increased to N1,482.72 per dollar from N1,476.24 per dollar on Thursday, marking a depreciation of N6.48 for the Naira.

Additionally, the volume of dollars traded in this market window dropped by 98%, falling to $183.47 million from $92.68 million on Thursday.

As a result, the gap between the parallel market and NAFEM rates narrowed to N12.72 per dollar from N23.76 per dollar.