The naira yesterday strengthened to N874.79 per dollar in the Nigerian Foreign Exchange Market (NAFEM).
Data sourced from FMDQ revealed that the indicative exchange rate for NAFEM increased to N874.79 per dollar from Wednesday’s N1,082.32 per dollar, marking a 19% or N207.53 appreciation for the naira.
The intraday high reached N1,264.96 per dollar, while the intraday low was N475 per dollar, resulting in a margin of N789.96 per dollar.
In NAFEM, the volume of dollars traded amounted to $110.41 million yesterday. Simultaneously, the naira saw an appreciation to N1,240 per dollar in the parallel market, compared to Wednesday’s N1,250 per dollar.
As a result, the gap between the official and parallel market exchange rates widened to N365.21 per dollar yesterday from N167.68 per dollar on Wednesday.