Naira Strengthens to N1,350/$ in Parallel Market Appreciation

THE naira yesterday appreciated to N1,350 per dollar in the parallel market from N1,370 per dollar last week. Similarly, the naira depreciated to N925.34 per dollar in the Nigerian Foreign Exchange Market (NAFEM).

Data from FMDQ showed that the indicative exchange rate for NAFEM rose to N925.34 per dollar from N902.45 per dollar last weekend, indicating N22.89 depreciation for the naira.

Consequently, the gap between the official and parallel market exchange rates narrowed to N397.92 per dollar yesterday from N467.55 per dollar last weekend. The volume of dollars traded on the window fell by 12 percent to $565.82 million last week from $645.97 million the previous.