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Naira Appreciates by 0.9% in Parallel Market
The Naira yesterday appreciated to N1, 600 per greenback within the parallel market from N1,615 per greenback on Wednesday.
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Nevertheless, the Naira depreciated to N1,586.11 per greenback within the Nigerian Autonomous International Change Market, NAFEM. Information from FMDQ confirmed that the indicative trade charge for NAFEM rose to N1,586.11 per greenback from N1,543.84 per greenback on Wednesday, indicating N42.27 depreciation for the naira.
The quantity of {dollars} traded (turnover) in NAFEM fell by 30 p.c to $120.2 million from $171.79 million traded on Wednesday. Consequently, the margin between the parallel market and NAFEM charge narrowed to N13.89 per greenback from N71.16 per greenback on Wednesday.
