The Naira strengthened yesterday, appreciating to ₦1,740 per dollar in the parallel market, an improvement from ₦1,745 per dollar on Wednesday.
Similarly, it gained value in the Nigerian Autonomous Foreign Exchange Market (NAFEM), rising to ₦1,644.86 per dollar.
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Data from FMDQ revealed that the NAFEM indicative exchange rate dropped from ₦1,660.83 per dollar on Wednesday, marking a ₦15.97 appreciation.
The volume of dollars traded surged by 66%, reaching $560.34 million compared to $337.07 million the previous day.
Consequently, the gap between the parallel market and NAFEM rates widened to ₦95.14 per dollar from ₦84.17 per dollar on Wednesday.