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Naira gains marginally on the parallel market versus the US dollar

May 3, 2024 | Business | 0 comments

On Tuesday, the Nigerian Naira experienced a positive turn as it appreciated to N1,320 per dollar on the parallel market, marking an improvement from N1,340 recorded on Monday.

Similarly, there was an uptick in the value of the Naira on the Nigerian Foreign Exchange Market (NAFEM), reaching N1,390.96 per dollar.

Data sourced from FMDQ revealed that the indicative exchange rate for NAFEM dropped to N1,390.96 per dollar, down from N1,419.11 per dollar on Monday. This indicates an appreciation of N28.15 for the Naira. Throughout the day, the market witnessed a high of N1,450 per dollar and a low of N1,200 per dollar, resulting in a margin of N250 per dollar.

Moreover, the volume of dollars traded in the market saw a notable increase of 52.4 percent, rising to $225.36 million from $147.83 million traded on Monday. Consequently, the gap between the parallel market and NAFEM rates narrowed to N70.96 per dollar, down from N79.11 per dollar recorded on Monday.

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