Naira Strengthens to N1,580 per Dollar in Parallel Market

The Nigerian naira saw a positive trend in its exchange rate against the US dollar. In the parallel market, the naira strengthened to N1,580 per dollar, up from N1,590 per dollar the previous day. Similarly, in the Nigerian Foreign Exchange Market (NAFEM), the naira appreciated to N1,560.57 per dollar.Data from FMDQ revealed that the indicative exchange rate for NAFEM dropped to N1,560.57 per dollar from N1,572.86 per dollar on Monday, marking a significant appreciation of N12.29 for the naira. Throughout the trading day, the market saw a high of N1,626.5 per dollar and a low of N1,415 per dollar, resulting in a margin of N211.5.The volume of dollars traded in the market decreased by 38 percent, totaling $195.13 million compared to $315.21 million traded the previous day. This shift caused the margin between the parallel market rate and NAFEM to widen to N29.43 per dollar from N17.24 per dollar on Monday.