Business
Naira Gains Ground as Dollar Demand Eases in Foreign Exchange Markets
In a positive turn for Nigeria’s currency, the Naira appreciated to N1,645 per dollar in the parallel market yesterday, up from N1,650 per dollar traded the previous day.
The Nigerian Autonomous Foreign Exchange Market (NAFEM) also saw gains, with the Naira rising to N1,558.75 per dollar, marking a significant improvement from Tuesday’s exchange rate of N1,637.59. Data from FMDQ indicated that this represents an appreciation of N78.84 for the Naira within a day.
Additionally, the volume of dollars traded in the market surged by 54.5%, with turnover increasing to $221.24 million, compared to $143.15 million traded on Tuesday.
However, the gap between the parallel market and the NAFEM rate widened to N86.25 per dollar, up from N12.41 the previous day, reflecting ongoing volatility in the foreign exchange market.
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