Naira gains strength, sells at N1245/$ in parallel market

In the parallel market, the value of the Naira strengthened from N1,250 per dollar on Thursday to N1,245 per dollar on Friday.

On the Nigerian Foreign Exchange Market, or NAFEM, the value of the Naira appreciated to N1,251.05 per dollar in a similar manner.

The indicative exchange rate for NAFEM dropped to N1,251.05 per dollar from N1,255.07 per dollar on Thursday, according to data from FMDQ, indicating an N4.02 appreciation for the naira.

The market saw intraday highs of N1,281 and lows of N1,220 per dollar, translating into an N61 margin.

The volume of dollars traded in the market increased by 78.6 percent to $248.27 million from $138.99 million traded on Thursday.

As a result, the differential between NAFEM rates and the parallel market increased to N6.05 per dollar on Thursday from N5.07 per dollar on Thursday.