On Tuesday, the Naira appreciated to N1,475 per dollar in the parallel market from Monday’s N1,480 per Dollar. However, in the Nigerian Autonomous Foreign Exchange Market (NAFEM), the Nigerian currency depreciated to N1,476.95 per dollar.
According to data from FMDQ, the indicative exchange rate for NAFEM slightly increased to N1,476.95 per Dollar from Monday’s N1,476.12 per Dollar, marking an 83 kobo depreciation for the Naira.
The volume of dollars traded on the window surged by 94.5% to $236.99 million from Monday’s $121.87 million. Consequently, the margin between the parallel market and NAFEM rates narrowed to N1.95 per Dollar from Monday’s N3.88 per Dollar.