Naira strengthens to N1,450/$1 at the parallel market

The naira yesterday appreciated to N1,450 per dollar in the parallel market from N1,580 per dollar on Tuesday. Similarly, the naira yesterday appreciated to N1,492.61 per dollar in the Nigerian Foreign Exchange Market (NAFEM) exceeding the parallel market rate by N42.61. Data from FMDQ showed that the indicative exchange rate for NAFEM fell to N1,492.61 per dollar from N1,560.57 per dollar on Tuesday, indicating N67.9 appreciation for the naira. Consequently, the margin between the parallel market rate and NAFEM widened to N42.61 per dollar from N29.43 per dollar on Tuesday.