Naira appreciates to N1,495/$ in black market

The Naira yesterday appreciated to N1,495 per dollar in the parallel market from N1,510 per dollar on Wednesday.

Similarly, the Naira appreciated to N1,481.49 per dollar in the Nigerian Autonomous Foreign Exchange Market, NAFEM.

Data from FMDQ showed that the indicative exchange rate for NAFEM fell to N1,481.49 per dollar from N1,488.6 per dollar on Wednesday, indicating N7.11 appreciation for the naira.

The volume of dollars (turnover) traded on the window increased by 3.83 percent to $213.31 million from $205.43 million traded on Wednesday.

Consequently, the margin between the parallel market and NAFEM rates narrowed to N13.51 per dollar from N21.4 per dollar on Wednesday.

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