Naira Appreciates to N1,730 Per Dollar In Parallel Market

The Naira yesterday appreciated to N1,730 Per dollar on the parallel market on Wednesday.

However, the Naira depreciated to N1,675.49 per dollar in the Nigerian Autonomous Foreign Exchange Market, NAFEM.

Data from FMDQ showed that the indicative exchange rate for NAFEM rose to N1,675.49 per dollar from N1,631.17 per dollar on Wednesday indicating N44.32 depreciation for the naira.

The volume of dollars traded (turnover) in the official market rose by 29 percent to $166.61 million from $128.98 million traded on Wednesday.

Consequently, the margin between the parallel market and the NAFEM rate narrowed to N54.51 per dollar from N118.83 per dollar on Wednesday.