Naira Appreciates to N1,715 in Parallel Market
On October 21, the Nigerian Naira Appreciated to N1,715 per dollar in the parallel market from N1,725 per dollar last weekend but depreciated to N1,603 per dollar in the Nigerian Autonomous Foreign Exchange Market, NAFEM.
According to FMDQ, the indicative exchange rate for NAFEM fell to N1,603.16 per dollar from N1,600.78 per dollar last week Friday, indicating N2.38 depreciation for the naira.
The volume of dollars traded in the official market also grew by 2.4 percent to $359.22 million from $350.72 million traded last weekend, making the margin between the parallel market and the NAFEM rate narrow to N111.84 per dollar from N124.22 per dollar as of last week Friday.
