Nigeria: Naira Rises to N1,580/$ in Parallel Market

13 August 2024
Vanguard (Lagos)
By Elizabeth Adegbesan

THE Naira yesterday appreciated to N1,580 per dollar in the parallel market from N1,585 per dollar last weekend.

Similarly, the Naira yesterday appreciated to N1,570.99 per dollar in the Nigerian Autonomous Foreign Exchange Market, NAFEM. Data from FMDQ showed that the indicative exchange rate for NAFEM fell to N1,570.99 per dollar from N1,574.2 per dollar last Friday, indicating N3.21 appreciation for the naira.

The volume of dollars traded in the market declined by 23.7 percent to $246.44 million from $323.11 million traded last weekend.

Consequently, the margin between the parallel market and NAFEM rate widened to N10.8 per dollar from N9.01 per dollar last week Friday.

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