Naira appreciates to N1,594/$ in parallel market

The Naira, on August 08, 2024, rose to N1,590 per dollar in the parallel market from N1,595 per dollar.

Meanwhile, on August 07, it appreciated to N1,596.52 per dollar in the Nigerian Autonomous Foreign Exchange Market, NAFEM.

Data obtained by Africa Investigative Magazine from FMDQ demonstrated that the indicative exchange rate for NAFEM fell to N1,593.62 per dollar from N1,596.52 per dollar two days before, amounting N2.9 appreciation of naira.

The total amount of dollars traded in the market increased by 51 percent to $141.99 million from $93.92 million traded on August 07.

Consequently, the margin between the parallel market and NAFEM rate widened to N3.52 per dollar from N1.52 per dollar on Wednesday.