Economy
Naira Strengthens in Parallel Market Amid Increased Trading Activity
The Naira made significant gains in the parallel market yesterday, rising to N1,685 per dollar, up from N1,700 on Monday. In the Nigerian Autonomous Foreign Exchange Market (NAFEM), the Naira also appreciated, reaching N1,659.26 per dollar, a notable improvement from N1,669.15 per dollar earlier in the week.
According to data from the FMDQ, the indicative exchange rate for NAFEM showed a N9.89 appreciation, contributing to the overall positive trend for the Naira.
Additionally, the turnover in the official foreign exchange market saw a remarkable increase of 155.2%, with $450.39 million traded compared to just $176.45 million on Wednesday. This surge in trading volume has led to a narrowing of the margin between the parallel market and NAFEM rates, decreasing from N30.85 per dollar on Wednesday to N25.74.