The Naira yesterday appreciated to N1,720 per dollar in the parallel market, up from N1,725 per dollar on Monday.
In the Nigerian Autonomous Foreign Exchange Market (NAFEM), the Naira also strengthened to N1,671.32 per dollar, compared to N1,676.9 per dollar on Monday.
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According to data from FMDQ, the indicative exchange rate for NAFEM fell to N1,671.32 per dollar, reflecting a N5.58 appreciation from Monday’s rate.
The volume of dollars traded in the official market saw a significant increase of 124.4%, rising to $218.77 million from $79.47 million on Monday.
As a result, the gap between the parallel market and NAFEM rates widened to N48.68 per dollar, up from N48.1 per dollar on Monday.