Economy
Naira Value Improves in Parallel and Official Markets
In a notable shift, the Naira appreciated to N1,585 per dollar in the parallel market on Tuesday, up from N1,600 per dollar on Monday.
Similarly, the Naira saw gains in the Nigerian Autonomous Foreign Exchange Market (NAFEM), strengthening to N1,601 per dollar from Monday’s rate of N1,607.15 per dollar, marking a N6.15 rise.
According to FMDQ data, the volume of dollars traded in the market decreased by 19.7%, with $61.9 million traded on Tuesday compared to $77.09 million on Monday.
As a result, the margin between the parallel market and the NAFEM rate expanded to N16 per dollar, up from N7.15 per dollar on Monday.
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