Naira rises to N1,590/$ in parallel market

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The Naira yesterday appreciated to N1,590 per dollar in the parallel market from N1,595 per dollar on Wednesday.

Similarly, the Naira yesterday appreciated to N1,596.52 per dollar in the Nigerian Autonomous Foreign Exchange Market, NAFEM.

Data from FMDQ showed that the indicative exchange rate for NAFEM fell to N1,593.62 per dollar from N1,596.52 per dollar on Wednesday, indicating N2.9 appreciation for the naira.

The volume of dollars traded in the market increased by 51 percent to $141.99 million from $93.92 million traded on Wednesday. Consequently, the margin between the parallel market and NAFEM rate widened to N3.52 per dollar from N1.52 per dollar on Wednesday.