Naira appreciates to N1,600/$ in parallel market

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Naira falls to N1,534 per dollar at official marketThe naira on Friday appreciated to N1,600 per dollar in the parallel market from N1,615 per dollar on Thursday.

Similarly, the naira depreciated to N1,627.4 per dollar in the Nigerian Foreign Exchange Market (NAFEM).

Data from FMDQ showed that the   indicative exchange rate for NAFEM rose to N1,627.4 per dollar from N1,602.17 per dollar on Thursday, indicating N25.26 depreciation for the naira.

The market recorded an intraday high of N1,640 per dollar and an intraday low of N1,413 per solar resulting in a N227 margin.

The volume of dollars traded in the market stood at $269.35 million. As a result, the gap between the official and parallel market exchange rates widened to N27.4 per dollar yesterday from N12.83  per dollar on Thursday.

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