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HomeFinanceNaira Appreciates Against Dollar in Parallel and Autonomous Foreign Exchange Markets

Naira Appreciates Against Dollar in Parallel and Autonomous Foreign Exchange Markets

 

The Naira saw a notable appreciation yesterday in the parallel market, strengthening to N1,485 per dollar from N1,490 per dollar on Monday. In the Nigerian Autonomous Foreign Exchange Market (NAFEM), the Naira appreciated even further to N1,473.66 per dollar.

According to data from FMDQ, the indicative exchange rate for NAFEM improved from N1,483.62 per dollar on Monday to N1,473.66 per dollar, marking a N9.96 gain for the Naira.

Additionally, the volume of dollars traded on the NAFEM window surged by 138.6 percent, reaching $385.91 million compared to $161.69 million on Monday.

As a result of these changes, the margin between the parallel market rate and the NAFEM rate widened significantly to N11.34 per dollar from N6.38 per dollar at the start of the week.

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