Naira Strengthens to N1,475/$ in Parallel Market

The Naira appreciated yesterday in the parallel market, reaching N1,475 per dollar, compared to N1,480 per dollar last weekend.

Similarly, in the Nigerian Autonomous Foreign Exchange Market (NAFEM), the Naira rose to N1,468.99 per dollar.

Data from FMDQ indicated that the indicative exchange rate for NAFEM dropped to N1,468.99 per dollar from N1,497.33 per dollar last Friday, marking a N28.34 gain for the Naira.

Consequently, the gap between the parallel market and NAFEM rates narrowed to N6.01 per dollar from N10.33 per dollar last weekend.