Yesterday, the Naira appreciated to N 1,580 per dollar in the parallel market, improving from N 1,595 per dollar on Wednesday. Similarly, the Naira strengthened to N 1,570 per dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEM).
According to data from FMDQ, the indicative exchange rate for NAFEM fell to N1,570 per dollar from N1,608.73 per dollar on Wednesday, marking a N38.73 appreciation for the Naira.
The trading volume in the market increased by 47 percent, rising to $142.32 million from $270.81 million traded on Wednesday.
As a result, the gap between the parallel market and NAFEM rate narrowed to N 10 per dollar from N 13.73 per dollar on Wednesday.
