Naira gains at parallel market to N1,165/$

The naira yesterday appreciated to N1,165 per dollar in the parallel market from N1,167 per dollar on Wednesday.

However, the naira depreciated to N832.32 per dollar in the Nigerian Foreign Exchange Market (NAFEM).

Data from FMDQ showed that the indicative exchange rate for NAFEM rose to N832.32 per dollar from N831.47 per dollar on Wednesday, indicating 85 kobo depreciation for the naira.

As a result, the gap between the official and parallel market exchange rates narrowed to N332.68 per dollar yesterday from N335.53 per dollar on Wednesday.

Mr. Yisa Maitama, a black market trader, said he sold a dollar for N1165 and bought for N1160.

“I bought a dollar for N1160 and sold at the rate of N1165 today.

“The dollar is been sold between the rate of N1150 to N1170 across the foreign exchange market this week due to the high demand and low supply factors. We hope it goes below the N1000 per dollar threshold before year end.”