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Ekiti News reports that Nigeria’s currency, Naira appreciated in the parallel market yesterday, strengthening to N1,500 per dollar from N1,505 per dollar on Monday.
The Naira, however, depreciated to N1,500.79 per dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEM).
Data from FMDQ revealed that the indicative exchange rate for NAFEM increased to N1,500.79 per dollar from N1,490.2 per dollar on Monday, reflecting a N10.59 depreciation for the Naira.
Additionally, the volume of dollars traded in the market decreased by 10 percent, dropping to $136.72 million from $152 million on Monday.
As a result, the margin between the parallel market and NAFEM rates narrowed to 79 kobo per dollar from N14.8 per dollar on Monday.