Naira Appreciates by 5.5% at Parallel Market
The naira recorded an enormous acquire in opposition to the US greenback on the parallel market, hitting N1640/$1, on the shut of enterprise on Wednesday, December 4, 2024.
This represents a 5.2% or N90 acquire in opposition to the greenback when in comparison with the N1730 that was recorded the earlier buying and selling day.
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The huge appreciation recorded in opposition to the greenback is coming with the kick-off of buying and selling actions at EFEMS PLATFORM which the BDCs operators imagine will result in transparency within the foreign exchange market and improve regulatory oversight.
In line with data made accessible to Nairametrics, the trade fee for greenback influx on the parallel market is N1640/$1, whereas the speed for money transactions closed at N1664/$1 on the finish of the day’s buying and selling actions.