Naira Stable At N1,167/$ In Parallel Market

The naira yesterday was stable at N1,167 per dollar in the parallel market.

However, the naira appreciated to N831.47 per dollar in the Nigerian Foreign Exchange Market (NAFEM).

Data from FMDQ showed that the indicative exchange rate for NAFEM fell to N831.47 per dollar from N881.88 per dollar on Tuesday, indicating N50.41 appreciation for the naira.

The volume of dollars (turnover) traded on the window increased by 18 percent to $140.35 million from $118.06 million traded on Tuesday. As a result, the gap between the official and parallel market exchange rates widened to N335.53 per dollar yesterday from N285.12 per dollar on Tuesday.