Naira appreciates to N1245/$ in parallel market

The Naira appreciated to N1,245 per dollar in the parallel market on Friday from N1,250 per dollar on Thursday.

Also, the Naira appreciated in the Nigerian Foreign Exchange Market, NAFEM, to N1,251.05 per dollar.

Data from FMDQ confirmed that the indicative exchange rate for NAFEM fell to N1,251.05 per dollar from N1,255.07 per dollar on Thursday, indicating N4.02 appreciation for the naira.

The market had an intraday high of N1,281 per dollar and an intraday low of N1,220 per dollar, resulting in an N61 margin.

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

Consequently, the margin between the parallel market and NAFEM rates ballooned to N6.05 per dollar from N5.07 on Thursday.