Economy
Naira Gains Strength in Parallel Market as Exchange Rates Improve
The Nigerian Naira continued its upward trend yesterday, appreciating to N1,670 per dollar in the parallel market, improving from N1,675 per dollar on Wednesday.
This positive movement was also reflected in the Nigerian Autonomous Foreign Exchange Market (NAFEM), where the Naira strengthened to N1,622.57 per dollar. According to data from FMDQ, the indicative exchange rate for NAFEM saw a slight appreciation, falling from N1,625.13 per dollar to N1,622.57 per dollar, a gain of N2.56.
However, the volume of dollars traded in the official market saw a decline, with a 14.6 percent drop to $145.56 million, down from $170.6 million on Wednesday.
As a result, the gap between the parallel market rate and the NAFEM rate narrowed, with the difference reducing to N47.53 per dollar, down from N49.87 per dollar the previous day.
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