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Naira Surges to N1,270 in Parallel Market

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Today, Tuesday, the Naira experienced an upturn, reaching N1,270 per dollar in the parallel market, marking a favorable shift from last week Thursday’s N1,290 per dollar. Likewise, in the NAFEM, the Naira saw an increase to N1,278.58 per dollar. According to data from FMDQ, the indicative exchange rate for NAFEM dropped to N1,278.58 per dollar from last week Thursday’s N1,309.39 per dollar, signaling a noteworthy N30.81 appreciation for the Naira.

Consequently, the gap between the parallel market rate and NAFEM narrowed to N8.58 per dollar from last week Thursday’s N19.39 per dollar.

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