The Naira experienced an appreciation yesterday, rising to N1,585 per dollar in the parallel market, up from N1,595 per dollar the previous day. This positive trend was also reflected in the Nigerian Autonomous Foreign Exchange Market (NAFEM), where the Naira appreciated to N1,586.04 per dollar.
According to data from FMDQ, the indicative exchange rate for NAFEM fell to N1,564.48 per dollar from N1,586.04 per dollar, indicating a significant gain of N21.56 for the Naira. Additionally, the volume of dollars traded in the market surged by 61.5%, reaching $149.24 million compared to $92.39 million traded earlier.
As a result, the gap between the parallel market and the NAFEM rate expanded to N20.52 per dollar from N8.96 per dollar.
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