Naira Appreciates To N1,725/$ In Parallel Market

The Naira yesterday appreciated to N1,725 per dollar in the parallel market from N1,730 per dollar on Monday.

However, the Naira was stable at N1,672.69 per dollar in the Nigerian Autonomous Foreign Exchange Market, NAFEM.

Data from FMDQ showed that the indicative exchange rate for the naira has maintained stability since Monday.

The volume of dollars traded (turnover) decreased by 18.2 percent to $207.86 million from $254.1 million traded on Monday. Consequently, the margin between the parallel market and NAFEM rate narrowed to N52.31 per dollar from N57.31 per dollar on Monday.