NAIRA APPRECIATES IN FOREX MARKET

The value of the Naira increased from N1,585 per dollar last weekend to N1,580 per dollar in the parallel market yesterday.

In a same vein, the Naira strengthened on the Nigerian Autonomous Foreign Exchange Market, or NAFEM, Wednesday, reaching N1,570.99 per dollar. The indicative exchange rate for NAFEM dropped from N1,574.2 per dollar to N1,570.99 per dollar on Friday, according to data from FMDQ, indicating a N3.21 appreciation for the naira.

From $323.11 million exchanged the previous weekend to $246.44 million this week, the amount of money transacted in the market fell by 23.7 percent. As a result, on Friday of last week, the difference between the NAFEM rate and parallel market grew to N10.8 per dollar from N9.01 per dollar.

source: Elizabeth Adegbesan