Naira appreciates to N1,485 - $1 in parallel market.

Yesterday, the Naira appreciated in the parallel market to N1,485 per dollar, improving from N1,490 per dollar on Monday.

In the Nigerian Autonomous Foreign Exchange Market (NAFEM), the Naira appreciated to N1,473.66 per dollar.

Data from FMDQ indicated that the indicative exchange rate for NAFEM decreased to N1,473.66 per dollar from N1,483.62 per dollar on Monday, marking a N9.96 appreciation for the Naira.

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

As a result, the margin between the parallel market and NAFEM rates widened to N11.34 per dollar from N6.38 per dollar on Monday.