The Naira yesterday, depreciated in the parallel market, reaching N1,740 per dollar, up from N1,735 per dollar on Tuesday.
Conversely, the Naira appreciated to N1,645.4 per dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEM), as per data from FMDQ.
Related Posts
The indicative exchange rate for NAFEM dropped to N1,645.4 per dollar from N1,689.88 per dollar on Tuesday, reflecting a N44.48 gain for the Naira.
Additionally, the volume of dollars traded in the market surged by 122.5%, rising to $236.84 million from $106.44 million on Tuesday.
As a result, the gap between the parallel market rate and the NAFEM rate expanded to N94.6 per dollar, up from N45.12 per dollar on Tuesday.