The Naira experienced a notable appreciation in the parallel market yesterday, strengthening to N1,485 per dollar from Monday’s rate of N1,490 per dollar.
Similarly, in the Nigerian Autonomous Foreign Exchange Market (NAFEM), the Naira appreciated to N1,473.66 per dollar.
Data from FMDQ indicated a significant improvement in the NAFEM, with the indicative exchange rate falling to N1,473.66 per dollar from Monday’s N1,483.62 per dollar, marking a N9.96 appreciation for the Naira.
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The volume of dollars traded on the NAFEM window surged by 138.6 percent, reaching $385.91 million compared to $161.69 million on Monday. This increase in trading volume highlights heightened activity and demand in the market.
As a result, the margin between the parallel market and NAFEM rates widened to N11.34 per dollar from Monday’s margin of N6.38 per dollar. This widening gap indicates differing dynamics and pressures between the two market segments.
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The recent appreciation of the Naira reflects the ongoing efforts to stabilize the currency and manage the foreign exchange market in Nigeria.