The Naira experienced a notable appreciation yesterday, rising to N1,670 per dollar in the parallel market, up from N1,675 per dollar on Wednesday. In the Nigerian Autonomous Foreign Exchange Market (NAFEM), the Naira also gained value, reaching N1,622.57 per dollar, compared to N1,625.13 per dollar the previous day.
According to data from FMDQ, the indicative exchange rate for NAFEM showed a N2.56 appreciation for the Naira. However, the volume of dollars traded in the official market saw a decline, dropping by 14.6 percent to $145.56 million, down from $170.6 million traded on Wednesday.
As a result of these changes, the margin between the parallel market and NAFEM rate narrowed, decreasing to N47.53 per dollar from N49.87 per dollar on Wednesday. This trend indicates a potential stabilization in the exchange rates as the market adjusts.