LAGOS, Nigeria — The Nigerian Naira falls to N1,585 per dollar in the parallel market today, down from N1,550 per dollar on Monday. Conversely, the Naira appreciated to N1,525 per dollar in the official foreign exchange market.
Data from the Daily Nigerian Foreign Exchange Market (NFEM), published by the Central Bank of Nigeria (CBN), showed that the indicative exchange rate for the Naira appreciated by N13, rising from N1,538 per dollar on Monday to N1,525 per dollar.
According to FMDQ, the volume of dollars traded on the Nigerian Autonomous Foreign Exchange Market (NAFEM) surged by 129 percent, reaching $401.17 million compared to $175.15 million traded on Monday. As a result, the margin between the parallel market rate and the NFEM rate widened to N60 per dollar, up from N12 per dollar on Monday.
