Naira rises to N1,580/$ in parallel market

Financial Markets

The naira yesterday appreciated to N1,580 per dollar in the parallel market from N1,590 per dollar on Monday.
Similarly, the naira yesterday appreciated N1,560.57 per dollar in the Nigerian Foreign Exchange Market (NAFEM).

Data from FMDQ showed that the indicative exchange rate for NAFEM fell to N1,560.57 per dollar from N1,572.86 per dollar on Monday, indicating N12.29 appreciation for the naira. The market recorded an intraday high of N1,626.5 per dollar and an intraday low of N1,415 per dollar resulting in a N211.5 margin.

The volume of dollars traded (turnover) in the market fell by 38 percent to $195.13 million from $315.21 million traded on Monday. Consequently, the margin between the parallel market rate and NAFEM widened to N29.43 per dollar from N17.24 per dollar on Monday.