Naira Rises to N1,720/$ in parallel market

Naira Shows Signs of Appreciation Against the Dollar

In a positive turn of events for the Naira, the currency rallied to N1,720 per dollar in the parallel market on Tuesday, a slight improvement from its previous rate of N1,725 per dollar recorded on Monday.

In a similar fashion, the Naira strengthened to N1,671.32 per dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEM), where the indicative exchange rate dipped from N1,676.9 per dollar the day before, marking an appreciation of N5.58 for the Naira.

Data released by FMDQ highlighted that the turnover of dollars traded in the official market surged by an impressive 124.4 percent, reaching $218.77 million, up from $79.47 million exchanged on Monday.

As a result of these shifts, the gap between the parallel market rate and the NAFEM rate expanded to N48.68 per dollar, up from N48.1 per dollar noted earlier in the week.