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Naira Appreciates Against Dollar

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Naira Close To N1000 To Dollar Amid Forex Scarcity

The naira yesterday appreciated to N1,445 per dollar in the parallel market from N1,455 per dollar on Monday. However, the naira depreciated to N1,433.89 per dollar in the Nigerian Foreign Exchange Market (NAFEM).

Data from FMDQ showed that the indicative exchange rate for NAFEM rose to N1,433.89 per dollar from N1,419.86 per dollar on Monday, indicating N14.03 depreciation for the naira.

Consequently, the gap between the official and parallel market exchange rates narrowed to N11.11 per dollar yesterday from N35.14 per dollar last week.

Hammed Tajudeen is a graduate of Osun State Polytechnic, Iree with Higher National Diploma (HND) in Mass Communication

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