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Nigeria Naira Appreciates in the Parallel Market….Checkout Current Value

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The greenback has continued to recover in the parallel market as the Central Bank of Nigeria continues to pump foreign exchange into the local market.

The Nigeria naira yesterday appreciated further to N364 per dollar in the parallel trade showcase because of frail interest for dollar.

Naijcrackgist survey revealed that the parallel market exchange rate fell for the second consecutive day to N364 per dollar yesterday from N365 per dollar on Tuesday. This translated to N1 appreciation for the naira.

Similarly the naira appreciated by 90 kobo in the Investors and Exporters (I&E) window, as the indicative exchange rate dropped to N368.6 per dollar yesterday from N369.5 per dollar on Tuesday.

Data by the Financial Market Dealers Quote (FMDQ) showed that the volume of transactions dropped by 58 per cent to $75.32 million from N182.3 million on Tuesday.

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