Naira Gains At N1,135/$ In Parallel Market

Naira Gains At N1,135/$ In Parallel Market

The Naira, Monday, November 20, appreciated to N1,135 per dollar in the parallel market from N1,140 per dollar on Friday.

Data from FMDQ showed that the indicative exchange rate for the I&E window fell to N750.14 per dollar from N791.75 per dollar last week Friday, indicating N41.61 appreciation for the naira.

As a result, the gap between the official and parallel market (‘Black Market’) Naira exchange rates widened to N384.86 per dollar, on Monday, November 20, from N348.25 per dollar last week Friday.

The volume of dollars traded (turnover) in NAFEM rose by 86 percent to $725.74 million last week from $389.5 million traded the previous week.

However, the Naira depreciated to N841.14 per dollar in the Nigerian Foreign Exchange Market, NAFEM, on the same day.