Naira and dollar
Naira appreciates N1,450 to $ in parallel market
The Nigerian naira has experienced a positive trajectory, reaching N1,450 per dollar in the informal exchange market, marking a significant improvement from its previous rate of N1,580 per dollar just a day earlier.
Simultaneously, the naira displayed strength in the Nigerian Foreign Exchange Market (NAFEM), where it soared to N1,492.61 per dollar, surpassing the parallel market rate by a margin of N42.61.
Data sourced from FMDQ illustrates this upward trend, with the indicative exchange rate for NAFEM showing a decline to N1,492.61 per dollar, down from N1,560.57 per dollar recorded on the preceding Tuesday.
This development signifies an impressive N67.9 appreciation for the naira.
Consequently, the gap between the parallel market rate and NAFEM widened, now standing at N42.61 per dollar compared to the previous margin of N29.43 per dollar observed on Tuesday.