The Naira appreciated yesterday to N1,685 per dollar in the parallel market, up from N1,700 per dollar on Monday. This positive trend was also reflected in the Nigerian Autonomous Foreign Exchange Market (NAFEM), where the Naira improved to N1,659.26 per dollar, down from N1,669.15 per dollar on Wednesday, marking a N9.89 appreciation.
Data from the FMDQ indicated a significant increase in the volume of dollars traded in the official market, which surged by 155.2 percent to $450.39 million, compared to $176.45 million traded on Wednesday.
As a result of these changes, the margin between the parallel market and the NAFEM rate has narrowed to N25.74 per dollar, down from N30.85 per dollar on Wednesday. This shift in exchange rates demonstrates ongoing fluctuations in the foreign exchange market and highlights the Naira’s recent gains against the dollar