Naira Appreciates to N1,725/$ in Parallel Market, Maintains Stability in NAFEM

The Naira appreciated to N1,725 per dollar in the parallel market on Tuesday, up from N1,730 per dollar on Monday.

Meanwhile, the Naira remained stable at N1,672.69 per dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEM).

According to data from FMDQ, the indicative exchange rate for the Naira has maintained stability since Monday.

However, the volume of dollars traded (turnover) saw an 18.2% decrease, falling to $207.86 million from $254.1 million traded on Monday. As a result, the margin between the parallel market rate and the NAFEM rate narrowed to N52.31 per dollar, down from N57.31 per dollar on Monday.