Economy
Naira Gains Strength in Parallel, Official Markets
The Naira appreciated yesterday to N1,580 per dollar in the parallel market, improving from N1,595 per dollar on Wednesday.
The Naira also saw gains in the Nigerian Autonomous Foreign Exchange Market (NAFEM), appreciating to N1,570 per dollar.
According to data from FMDQ, the indicative exchange rate for NAFEM fell to N1,570 per dollar from N1,608.73 per dollar on Wednesday, indicating a N38.73 appreciation for the Naira.
The market also witnessed a surge in the volume of dollars traded, growing by 47 percent to $142.32 million from $270.81 million traded on Wednesday.
As a result, the disparity between the parallel market and NAFEM rates has narrowed to N10 per dollar from N13.73 per dollar on Wednesday, reflecting a more unified exchange rate landscape.
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