Naira Gains 19% To N874.79/$ In NAFEM

The naira yesterday appreciated N874.79 per dollar in the Nigerian Foreign Exchange Market (NAFEM).

Data from FMDQ showed that the indicative exchange rate for NAFEM rose to N874.79 per dollar from N1,082.32 per dollar on Wednesday, indicating 19 per cent or N207.53 appreciation for the naira.

The intraday high stood at N1,264.96 per dollar while the intraday low was N475 per dollar, resulting in a N789.96 per dollar margin.

The volume of dollars traded in NAFEM stood at $110.41 million yesterday

Similarly, the naira appreciated to N1,240 per dollar in the parallel market from N1,250 per dollar on Wednesday.

Consequently, the gap between the official and parallel market exchange rates widened to N365.21 per dollar yesterday from N167.68 per dollar on Wednesday.