Tuesday, April 23, 2024
Google search engine
HomeFinanceNaira Appreciates as Parallel Market Hits N1260/$: Official FX Rate Rises to...

Naira Appreciates as Parallel Market Hits N1260/$: Official FX Rate Rises to N1595/$

 

 

In a positive turn, the Nigerian Naira witnessed a notable appreciation in the parallel market, reaching N1260 per dollar, compared to N1270 per dollar just a day prior. The trend continued with the official exchange rate, soaring to N1595 per dollar, surpassing the parallel market rate.

 

Data sourced from FMDQ revealed a significant improvement in the Naira’s performance in the NAFEM, with the indicative exchange rate dropping to N1262.85 per dollar from N1278.58 per dollar, marking a notable N15.73 appreciation for the local currency.

Related News

Binance Stops Naira Trading Amid Regulatory Measures

Naira Depreciates to N1,620/$ in Unofficial Market

EFCC Arrests Bobrisky Over Alleged Naira Abuse and Currency Mutilation

This development led to a notable reduction in the margin between the parallel market rate and the NAFEM rate, narrowing down to N2.85 per dollar, compared to N8.58 per dollar observed earlier.

 

The strengthening of the Naira reflects positive market sentiment and may have implications for various economic sectors. Stay updated for further insights into Nigeria’s currency market dynamics.

RELATED ARTICLES

LEAVE A REPLY

Please enter your comment!
Please enter your name here

- Advertisment -
Google search engine

Most Popular

Recent Comments