The Naira strengthened against the dollar in the parallel market yesterday, appreciating to N1,755 per dollar from N1,770 recorded on Monday.
Similarly, in the Nigerian Autonomous Foreign Exchange Market (NAFEM), the Naira appreciated to N1,659.44 per dollar, reflecting a gain of N16.18 compared to Monday’s rate of N1,675.62 per dollar, according to data from FMDQ.
The volume of dollars traded in NAFEM saw a significant surge, increasing by 219.5% to $425.98 million from $108.79 million on Monday.
As a result, the gap between the parallel market rate and the NAFEM rate narrowed to N95.56 per dollar, down from N117.38 per dollar earlier in the week.