Naira exchanges for N1,735/$ in parallel market

The Naira on Monday appreciated to N1,735 per greenback on the parallel market from N1,740 per greenback final weekend.

However, the Naira depreciated to N1,690.37 per greenback within the Nigerian Autonomous Foreign Exchange Market, NAFEM.

Data from FMDQ confirmed that the indicative change charge for NAFEM rose to N1,690.37 per greenback from N1,652.25 per greenback final week Friday, indicating N38.12 depreciation for the naira.

The quantity of {dollars} traded (turnover) available in the market declined by 41.6 % to $173.14 million from $296.63 million bought final weekend. Consequently, the margin between the parallel market and NAFEM charge narrowed to N44.63 per greenback from N87.75 per greenback final week Friday.