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 Naira Stable at N1,535/$ in Parallel Market

Yesterday, the Naira remained stable at N1,535 per dollar in the parallel market.

However, the Naira experienced a slight depreciation in the Nigerian Autonomous Foreign Exchange Market (NAFEM), settling at N1,532.58 per dollar.

Data from FMDQ indicated that the indicative exchange rate for NAFEM rose to N1,532.58 per dollar from N1,523.85 per dollar on Monday, reflecting an N8.73 depreciation for the Naira.

The volume of dollars traded in the market (turnover) increased significantly by 41 percent to $188.19 million from $133.46 million traded on Monday.

As a result, the margin between the parallel market and NAFEM rates narrowed to N2.42 per dollar from N11.15 per dollar on Monday.

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Written by Olusesan Oba

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