Naira rises to N1,585 - $1 in parallel market

The Naira appreciated in the parallel market yesterday, rising to N1,585 per dollar from N1,600 per dollar on Monday.

Similarly, in the Nigerian Autonomous Foreign Exchange Market (NAFEM), the Naira appreciated to N1,601 per dollar.

Data from FMDQ showed that the indicative exchange rate for NAFEM decreased to N1,601 per dollar from N1,607.15 per dollar on Monday, marking a N6.15 gain for the Naira.

The volume of dollars traded in the market fell by 19.7 percent to $61.9 million from $77.09 million traded on Monday.

As a result, the margin between the parallel market and the NAFEM rate widened to N16 per dollar from N7.15 per dollar on Monday.