The Naira strengthened to N1,725 per dollar in the parallel market yesterday, an improvement from N1,730 per dollar recorded on Wednesday.
In a similar trend, the Naira appreciated in the Nigerian Autonomous Foreign Exchange Market (NAFEM), reaching N1,639.5 per dollar. According to data from FMDQ, the indicative exchange rate for NAFEM declined from N1,681.65 per dollar on Wednesday to N1,639.5 per dollar, reflecting a N42.15 gain for the Naira. Additionally, the volume of dollars traded in the official market surged by 24%, increasing to $244.96 million from the previous $196.78 million recorded on Wednesday.
As a result, the gap between the parallel market and NAFEM exchange rates widened to N85.5 per dollar, up from N48.35 per dollar on Wednesday.