Naira Gains Strength in Parallel Market, Now at N1,468 per Dollar

Naira Gains Strength in Parallel Market, Now at N1,468 per Dollar
Naira Gains Strength in Parallel Market, Now at N1,468 per Dollar

The Naira experienced a positive shift in value in the parallel market today, Saturday, climbing to N1,468 per Dollar from a former rate of N1,515 per Dollar.

This improvement depicts a gradual strengthening of the Nigerian currency. In a similar trend, the Nigerian Autonomous Foreign Exchange Market (NAFEM) witnessed the Naira rally to N1,455.99 per Dollar.

FMDQ data further illustrates the uptick with the indicative exchange rate for NAFEM falling to N1,455.99 per Dollar from a previous count of N1,508.33 per Dollar, translating to a significant appreciation of N47.34.

READ MORE: NIGERIA: “We’ve Achieved 5,000MW Power Generation Milestone This May” Minister Adelabu

This movement has led to a narrower differential between the rates in the parallel market and NAFEM, currently at N6.01 per Dollar compared to the N12.33 per Dollar margin noted in earlier records.

SOURCE: Africa Future Leadership Magazine

LEAVE A REPLY

Please enter your comment!
Please enter your name here

five + nineteen =