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    • Business - Market Data
    • Updated: August 13, 2024

    Naira rises to N1,580/$ in parallel market

    Naira rises to N1,580/$ in parallel market

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    Philip Adeboye
    Philip Adeboye

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    The Naira, yesterday strengthened to N1,580 per dollar in the parallel market, up from N1,585 per dollar the previous weekend.

    In the Nigerian Autonomous Foreign Exchange Market, NAFEM, the Naira also improved, appreciating to N1,570.99 per dollar from N1,574.20 per dollar last Friday, according to data from FMDQ. This represents a N3.21 increase in the Naira's value.

    However, the volume of dollars traded in the market dropped by 23.7%, falling to $246.44 million from $323.11 million traded over the weekend.

    As a result, the gap between the parallel market rate and the NAFEM rate widened to N10.80 per dollar, up from N9.01 per dollar the previous Friday.

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