Naira rises to N1,060/$ in parallel market

The Naira, yesterday, appreciated to N1,060 per dollar in the parallel market, from N1,105 per dollar on Wednesday. However, the Naira depreciated in the Nigerian Foreign Exchange Market, NAFEM, to N1,154.08 per dollar.

Data from FMDQ showed that the indicative exchange rate for NAFEM rose to N1,154.08 per dollar from N1,072.74 per dollar on Wednesday, indicating N81.34 depreciation for the naira.

Consequently, the margin between the parallel market and NAFEM rates widened to N94.08 per dollar from N32.26 per dollar on Wednesday.

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