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    HomeBusiness NewsEconomyNaira stable at N1,600 /$ in parallel market

    Naira stable at N1,600 /$ in parallel market

    Business NewsEconomyMoney marketPolitics & Governance

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    By The Reporter Ng
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    The Naira Friday was stable at N1, 600 per dollar in the parallel market.
    However, the Naira appreciated to N1,570.14 per dollar in the Nigerian Autonomous Foreign Exchange Market, NAFEM.
    Data from FMDQ showed that the indicative exchange rate for NAFEM fell to N1570.14 per dollar from N1,586.11 per dollar on Thursday, indicating N15.97 appreciation for the naira.
    The volume of dollars traded (turnover) in NAFEM fell by 0.5 percent to $120.81 million from $120.2 million traded on Thursday.
    Consequently, the margin between the parallel market and NAFEM rate widened to N29.86 per dollar from N13.89 per dollar on Thursday.

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