Naira appreciates to N1,680 per dollar in parallel market

The Naira at the close of workday Monday, October 14 appreciated to N1,680 per dollar in the parallel market compared to N1,690 per dollar over the weekend.

Following the same vein, the Naira appreciated to N1,552.92 per dollar in the Nigerian Autonomous Foreign Exchange Market, NAFEM as data from FMDQ showed that the indicative exchange rate for NAFEM fell to N1,552.92 per dollar from N1,641.27 per dollar last weekend, indicating a massive N88.35 appreciation for the naira.

This happened even as the volume of dollars traded (turnover) in the official market declined by 44 percent to $343.71 million from $616.73 million traded last week Friday.