Business
Naira Strengthens Across Markets, Narrows Exchange Rate Gap
The Nigerian currency, the Naira, showed a notable appreciation in the parallel market yesterday, trading at N1,730 per dollar compared to N1,735 per dollar on Monday.
This positive shift extended to the Nigerian Autonomous Foreign Exchange Market (NAFEM), where the Naira also appreciated, trading at N1,678.93 per dollar. According to data from FMDQ, this marked an improvement of N11.44 from Monday’s exchange rate of N1,690.37 per dollar.
As a result, the exchange rate gap between the parallel market and NAFEM expanded to N51.07 per dollar, up from N44.63 per dollar recorded at the start of the week.
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