Economy
Naira Gains Ground in Parallel, Official Markets
The Naira experienced a notable appreciation in the parallel market, climbing to N1,590 per dollar on Thursday, up from N1,595 per dollar the previous day.
Similarly, the Naira also strengthened in the Nigerian Autonomous Foreign Exchange Market (NAFEM), improving to N1,593.62 per dollar compared to N1,596.52 per dollar on Wednesday, reflecting a N2.9 appreciation.
According to data from FMDQ, the trading volume in the foreign exchange market surged by 51 percent, with $141.99 million exchanged on Thursday, up from $93.92 million the day before. As a result, the gap between the parallel market rate and the NAFEM rate widened, reaching N3.52 per dollar, compared to N1.52 per dollar on Wednesday.
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