Business
Naira Records Gains Against Dollar in Both Official, Parallel Markets
The Nigerian Naira saw a modest gain in the parallel market yesterday, strengthening to N1,720 per dollar, up from N1,725 per dollar on Monday. In the Nigerian Autonomous Foreign Exchange Market (NAFEM), the currency also appreciated, reaching N1,671.32 per dollar compared to N1,676.9 on the previous day—a notable N5.58 improvement.
Data from the Financial Market Dealers Quotations (FMDQ) platform indicated this upward movement, reflecting a positive shift for the Naira. Additionally, trading volume in the official market surged, with dollar turnover climbing by 124.4 percent to $218.77 million, a significant increase from $79.47 million recorded on Monday.
However, this rise in value also widened the exchange rate gap between the parallel and official markets. As of yesterday, the spread reached N48.68 per dollar, up from N48.1 on Monday.
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