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Naira strengthens in both official, parallel markets

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Naira strengthens in both official, parallel markets

The Naira has on Tuesday, made a significant gains, rising to N1,270 per dollar at the parallel market compared to N1,290 per dollar last Thursday.

Furthermore, at the NAFEM, the Naira appreciated to N1,278.58 per dollar.

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According to data from FMDQ, the indicative exchange rate for NAFEM saw a decline to N1,278.58 per dollar, showing an impressive N30.81 appreciation for the Naira compared to the previous week’s rate of N1,309.39 per dollar.

This positive trend led to a narrower margin between the parallel market rate and NAFEM, now standing at N8.58 per dollar, down from N19.39 per dollar last Thursday.

These developments are indicative of a stronger Naira across multiple exchange platforms.

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