Naira exchanges at N1,355/$ in parallel market

The Naira on Tuesday, January 23, exchanged for N1,355 to a dollar in the parallel market, from the N1,350 to a dollar recorded on Monday, January 22. 

The Naira however appreciated to N878.61 per dollar in the Nigerian Foreign Exchange Market (NAFEM). Data obtained from FMDQ showed that the indicative exchange rate for NAFEM fell to N878.61 per dollar from N925.34 per dollar on Monday, indicating N46.73 appreciation for the Naira.

While the intraday high rate stood at N1336.05 per dollar, the intraday low was N701 per dollar representing N635.05 margin. The volume of dollars traded on the window also fell by 20 percent to $58.46 million from $73.33 million on Monday.