Business
Naira Strengthens to N1,730 per Dollar in Parallel Market
The naira appreciated to N1,730 per dollar in the parallel market yesterday, moving up from Wednesday’s rate of N1,725 per dollar.
Conversely, the naira experienced a depreciation in the Nigerian Autonomous Foreign Exchange Market (NAFEM), where it fell to N1,675.49 per dollar, a decrease from the previous rate of N1,631.17 per dollar. This marks a depreciation of N44.32 for the naira in the official exchange.
Data from the Financial Market Dealers Quotations (FMDQ) shows a surge in dollar turnover within the official market, rising by 29 percent from $128.98 million on Wednesday to $166.61 million yesterday, reflecting increased dollar trading activity.
This recent currency fluctuation has also impacted the margin between the parallel market and NAFEM rates, narrowing the gap to N54.51 per dollar from Wednesday’s margin of N118.83 per dollar.
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