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Naira Appreciates to N1,320/$ in Parallel Market: A Positive Trend? The market recorded an intraday high of N1,450 per dollar and an intraday low of N1,200 per dollar, resulting in a N250 per dollar margin. |
Naira Appreciation in Parallel Market
The Naira has appreciated to N1,320 per dollar in the parallel market, a positive trend from N1,340 per dollar on Monday.
Naira Appreciation in NAFEM
Similarly, the Naira has appreciated in the Nigerian Foreign Exchange Market (NAFEM) to N1,390.96 per dollar, indicating a N28.15 appreciation.
Market Trends
The market recorded an intraday high of N1,450 per dollar and an intraday low of N1,200 per dollar, resulting in a N250 per dollar margin. The volume of dollars traded in the market increased by 52.4 percent to $225.36 million from $147.83 million traded on Monday.
Narrowing Margin
Consequently, the margin between the parallel market and NAFEM rates narrowed to N70.96 per dollar from N79.11 per dollar on Monday.
Positive Sign
This appreciation of the Naira in both parallel and official markets can be seen as a positive sign for the Nigerian economy, indicating a potential increase in investor confidence and a decrease in inflation. However, it is important to note that the Naira's value can fluctuate rapidly and unpredictably, and this trend may not continue in the future.
