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Naira Strengthens Against US Dollar In Latest Exchange Rate

Written by on June 6, 2024

Nigeria’s currency, the Naira, experienced a slight appreciation in the parallel market, reaching ₦1,475 per dollar compared to ₦1,480 per United States dollar it traded the previous day.

However, in the Nigerian Autonomous Foreign Exchange Market (NAFEM), the Naira depreciated to ₦1,476.95 per dollar.

According to data from FMDQ, the indicative exchange rate for NAFEM increased slightly from ₦1,476.12 per dollar to ₦1,476.95 per dollar on Monday, resulting in an 83 kobo depreciation for the Naira.

The volume of dollars traded on the NAFEM also increased significantly by 94.5 per cent, reaching $236.99 million compared to $121.87 million on Monday

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