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Naira appreciates to N1,585/$ in parallel market

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…As NAFEM’s turnover rises 127%

The Naira on Friday appreciated to N1, 585 per dollar in the parallel market from N1,590 per dollar on Thursday.

Similarly, the Naira yesterday appreciated to N1,574.2 per dollar in the Nigerian Autonomous Foreign Exchange Market, NAFEM.

Data from FMDQ showed that the indicative exchange rate for NAFEM fell to N1,574.2 per dollar from N1,593.62 per dollar on Thursday, indicating N19.42 appreciations for the naira.

The volume of dollars traded in the market increased by 127.5 percent to $323.11 million from $141.99 million traded on Thursday.

Consequently, the margin between the parallel market and NAFEM rate widened to N10.8 per dollar from N3.52 per dollar on Thursday.


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Michael Tanyare Professionally known as Starmich is a talented and accomplished individual with a passion for excellence. With a strong background in writing, Michael has established himself as a respected professional in the blogging industry. Beyond his professional endeavors, Michael is known for his diverse range of interests. He is an avid online journalist, which further showcases his well-rounded personality and passion for exploring new horizons. Michael's commitment to continuous growth and learning is evident in his pursuit of excellence. This drive allows him to stay at the forefront of emerging trends and maintain a competitive edge in his field. With a warm and approachable demeanor, Michael is highly regarded for his strong communication skills and ability to connect with others. He thrives in collaborative environments and enjoys building meaningful relationships with colleagues and clients alike. In his free time, Michael enjoys surfing the internet. This balance between his professional and personal life reflects his belief in leading a fulfilling and well-rounded lifestyle. With a proven track record of success and a genuine passion for his work, Michael Tanyare continues to make a significant impact in his field. His dedication, expertise, and personable nature make him a valuable asset to any project or team."

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