Source: Business Day

Naira appreciates to N1,500 - $1 in parallel market.

Yesterday, the Naira appreciated in the parallel market, rising to N1,500 per dollar from N1,525 per dollar on Monday.

Similarly, the Naira strengthened in the Nigerian Autonomous Foreign Exchange Market (NAFEM), reaching N1,339.33 per dollar.

Data from FMDQ indicated that the indicative exchange rate for NAFEM fell to N1,339.33 per dollar from N1,481.23 per dollar, marking a N141.9 appreciation for the Naira.

As a result, the gap between the parallel market and NAFEM rates widened to N160.67 per dollar from N43.77 per dollar on Monday.

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