Naira Appreciates to N1,700 in Parallel Market

The Naira experienced a slight appreciation in the parallel market, rising to N1,700 per dollar yesterday from N1,705 per dollar recorded on Monday. In contrast, the Naira weakened in the Nigerian Autonomous Foreign Exchange Market (NAFEM), reaching N1,669.15 per dollar.

According to data from FMDQ, the indicative exchange rate for NAFEM dropped to N1,669.15 per dollar, down from N1,541.94 per dollar on Monday, showing a significant N127.2 depreciation.

Meanwhile, the official market saw a 2.97% decrease in dollar turnover, with $176.45 million traded compared to Monday’s $181.86 million. As a result, the gap between the parallel market and NAFEM rates narrowed to N30.85 per dollar from N163.06 per dollar.