Yesterday, the Naira saw an appreciation in the parallel market, reaching N1,485 per dollar compared to N1,490 per dollar on Monday. However, in the Nigerian Autonomous Foreign Exchange Market (NAFEM), the Naira strengthened to N1,473.66 per dollar.
According to data from FMDQ, the indicative exchange rate for NAFEM dropped to N1,473.66 per dollar from N1,483.62 per dollar on Monday, indicating an appreciation of N9.96 for the Nigerian currency. The volume of dollars traded on this platform also surged by 138.6% to $385.91 million from $161.69 million on Monday.
Consequently, the gap between the rates in the parallel market and NAFEM widened to N11.34 per dollar from N6.38 per dollar on Monday.
