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Yesterday, the Naira depreciated to N1,739 per dollar in the parallel market, compared to N1,735 per dollar on Wednesday. Conversely, it appreciated to N1,601.2 per dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEM).
Data from the FMDQ indicated that the indicative exchange rate for NAFEM dropped from N1,654.09 per dollar on Wednesday, reflecting an appreciation of N52.89 for the Naira.
Additionally, the volume of dollars traded in the official market saw a significant increase, rising by 69 percent to $230.99 million, up from $136.68 million traded the previous day. As a result, the margin between the parallel market and NAFEM rate widened to N137.8 per dollar, compared to N80.91 per dollar on Wednesday.