Naira rises to N1,550/$ in parallel market

Data from FMDQ showed that the indicative exchange rate for NAFEM fell to N1,554.55 per dollar from N1,561.98 per dollar on Wednesday, indicating N7.43 appreciation for the naira. The volume of dollars (turnover) traded on the window rose by 47.4 per cent to $348.82 million from $236.7 million traded on Wednesday

Consequently, the margin between the parallel market and NAFEM rates widened to N54.55 per dollar from N1.98 per dollar on Wednesday