Naira Appreciates to N1,060/$ in Parallel Market, Depreciates in NAFEM

Date:

The Nigerian Naira demonstrated mixed performance in the foreign exchange markets on Thursday. The Naira strengthened against the US Dollar in the parallel market, appreciating to N1,060 per dollar from N1,105 per dollar recorded on Wednesday. Conversely, in the Nigerian Autonomous Foreign Exchange Market (NAFEM), the Naira depreciated to N1,154.08 per dollar, marking a significant decline.

Thank you for reading this post, don't forget to subscribe!

According to data from FMDQ, the indicative exchange rate for NAFEM rose sharply from N1,072.74 per dollar on Wednesday to N1,154.08 per dollar, reflecting an N81.34 depreciation in the Naira’s value against the dollar within a day.

The widening gap between the parallel market and NAFEM rates reached N94.08 per dollar, contrasting with the narrower margin of N32.26 per dollar observed the previous day.


Discover more from Naija247news

Subscribe to get the latest posts to your email.

Share post:

Subscribe

Popular

More like this
Related

NASCON grows turnover by 37%, assures Shareholders of Continuous Growth, Value Creation

May 23, 2024. Azonuchechi Chukwu. NASCON Allied Industries Plc has assured...

Mahamat Idriss Deby Sworn in as Chad’s President, Succeeding Late Father

N'DJAMENA, May 23 (Reuters) - Mahamat Idriss Deby was...

Nigeria Among Emerging Markets Attracting Big-Money Investors Amid Structural Shift

LONDON, May 23 - Large global investors are...

UK to introduce mandatory English test for migrant graduates

May 23, 2024. Azonuchechi Chukwu. Migrant graduates who go to the...

Discover more from Naija247news

Subscribe now to keep reading and get access to the full archive.

Continue reading