Naira Appreciates to N1,374/$ in Parallel Market as Interbank Turnover Jumps 445%
By Aboki Forex —
The naira appreciated to N1,374 per dollar in the parallel market yesterday, from N1,377 on Monday. Interbank turnover rose 445%.
But the naira depreciated to N1,347.75 per dollar in the Nigerian Foreign Exchange Market, NFEM.
Parallel market rate
The parallel market rate moved to N1,374 per dollar from N1,377 per dollar on Monday. That marked a modest gain for the naira in that segment.
NFEM rate
In the Nigerian Foreign Exchange Market, NFEM, the naira stood at N1,347.75 per dollar. The official market rate was weaker than the parallel market rate.
Turnover
Interbank turnover rose 445%. The increase came as the naira posted mixed movement across the parallel and official market segments.
The gap between the parallel market rate and the NFEM rate remains a key number for businesses tracking dollar costs and exchange rate pressure.
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