Naira Heats Up To N1,225/$ In Parallel Market

The naira yesterday appreciated to N1, 225 per dollar in the parallel market from N1, 240 per dollar on Monday.

Similarly, the naira appreciated to N844.85 per dollar in the official Nigerian Foreign Exchange Market (NAFEM).

Data from FMDQ showed that the indicative exchange rate for NAFEM fell to N844.85 per dollar from N888.35per dollar on Monday, indicating a N43.5 appreciation for the naira.

As a result, the gap between the official and parallel market exchange rates widened to N380.15 per dollar yesterday from N351.65 per dollar last week Friday.

The intraday high of the market stood at N1,189.12 per dollar while the intraday low was N720 per dollar resulting in a gap of N469.12 per dollar.

The volume of dollars traded on the window fell by 19 percent to $1,11.76 million from $137.82 million on Monday. Mr. Sanni Usman, a black market trader, said he bought a dollar at N1,210 yesterday and sold it for N1,225.