Business
Exchange Rates Steady as Naira Appreciates Slightly in FX Market
The Naira recorded a slight appreciation in the parallel market yesterday, trading at N1,725 per dollar, compared to N1,730 per dollar on Monday. Meanwhile, the exchange rate in the Nigerian Autonomous Foreign Exchange Market (NAFEM) remained stable at N1,672.69 per dollar, reflecting consistent trends since the start of the week.
Data from FMDQ indicates that the turnover in the official market experienced a drop, with the volume of dollars traded decreasing by 18.2% to $207.86 million from $254.1 million on Monday. This decline contributed to a narrowing of the gap between the parallel market rate and the NAFEM rate, which stood at N52.31 per dollar, down from N57.31 per dollar on Monday.
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