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Naira Appreciates To N1,485/$ In Parallel Market

POSTED ON June 21, 2024 •   BUSINESS & ECONOMY      BY Abiodun Saheed Omodara
Naira and Dollar l Credit: Nairametrics

The Naira saw an increase in value in the parallel market, on Thursday, rising to N1,485 per dollar from N1,490 per dollar on Wednesday. 

However, it depreciated to N1,485.36 per dollar in the Nigerian Autonomous Foreign Exchange Market, NAFEM.

According to data from FMDQ, the indicative exchange rate for NAFEM rose to N1,485.06 per dollar from N1,483.02 per dollar on Wednesday, showing a depreciation of N2.04 for the naira.

As a result, the margin between the parallel market and NAFEM rates narrowed to 36 kobo per dollar from 6.98 kobo per dollar on Wednesday.

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