Naira gains, exchanges at N1,475/$ in parallel market

The Nigerian legal tender, the naira, appreciated on Wednesday. It sold for N1,475 per dollar in the parallel market, down from N1,480 on Monday.

However, the Naira fell to N1,476.95 per dollar in the Nigerian Autonomous Foreign Exchange Market, or NAFEM.

Data from FMDQ showed that the indicative exchange rate for NAFEM rose slightly to N1,476.95 per dollar from N1,476.12 per dollar on Monday, indicating 83 kobo depreciation for the naira. The volume of dollars (turnover) traded on the window increased by 94.5 percent to $236.99 million from $121.87 million traded on Monday.

Consequently, the margin between the parallel market and NAFEM rates narrowed to N1.95 per dollar from N3.88 per dollar on Monday.