Naira Strengthens to N1,245/$ in Parallel Market
In a positive turn, the Nigerian Naira demonstrated resilience on Friday as it appreciated to N1,245 per dollar in the parallel market, marking a slight improvement from its previous rate of N1,250 per dollar recorded on Thursday.
The uptrend was also evident in the Nigerian Foreign Exchange Market (NAFEM), where the Naira strengthened to N1,251.05 per dollar. Data obtained from FMDQ revealed a notable decrease in the indicative exchange rate for NAFEM, dropping from N1,255.07 per dollar on Thursday to N1,251.05 per dollar, signaling a commendable N4.02 appreciation for the local currency.
Throughout the trading session, the market showcased fluctuations, with the Naira reaching an intraday high of N1,281 per dollar and a low of N1,220 per dollar, resulting in a margin of N61.
The trading volume in dollars witnessed a significant surge, escalating by 78.6 percent to $248.27 million from the previous day’s figure of $138.99 million.
As a consequence of these developments, the margin between the parallel market and NAFEM rates expanded to N6.05 per dollar, compared to N5.07 per dollar observed on Thursday.
The Naira’s strengthened position against the dollar signals a positive shift in market dynamics, offering potential benefits for traders and investors alike.
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