Yesterday, the Naira appreciated in the parallel market, strengthening to N1,700 per dollar from Monday’s rate of N1,705 per dollar.
Conversely, the Naira depreciated to N1,669.15 per dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEM).
According to data from FMDQ, the indicative exchange rate for NAFEM dropped to N1,669.15 per dollar, compared to N1,541.94 per dollar on Monday, reflecting an N127.2 appreciation for the Nigerian currency.
The official market’s dollar trading volume (turnover) declined by 2.97 percent, falling to $176.45 million from Monday’s $181.86 million.
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As a result, the gap between the parallel market and NAFEM rates narrowed to N30.85 per dollar from Monday’s N163.06 per dollar.
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