The Naira appreciated to N1,730 per dollar in the parallel market yesterday, up from N1,725 on Wednesday.
According to FMDQ data, the indicative exchange rate for the Nigerian Autonomous Foreign Exchange Market (NAFEM) increased to N1,675.49 per dollar from N1,631.17 on Wednesday, reflecting a N44.32 drop in value for the Naira.
Dollar turnover in the official market also saw a significant rise, increasing by 29% to $166.61 million, compared to $128.98 million on Wednesday.
As a result, the gap between the parallel market rate and the NAFEM rate narrowed to N54.51 per dollar from N118.83 on Wednesday.