The Nigerian Naira witnessed a positive surge in the parallel market, climbing to N1,495 against the US dollar on Thursday, marking an improvement from its previous rate of N1,510 per dollar on Wednesday.
Similarly, within the Nigerian Autonomous Foreign Exchange Market (NAFEM), the Naira also experienced an uptick, reaching N1,481.49 per dollar. Data sourced from FMDQ revealed that the indicative exchange rate for NAFEM decreased from N1,488.6 to N1,481.49 per dollar, indicating a notable appreciation of N7.11 for the local currency.
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Trading activity within the NAFEM saw a boost, with the volume of dollars exchanged escalating by 3.83 percent to $213.31 million compared to the previous day’s $205.43 million.
Consequently, the gap between the parallel market and NAFEM rates narrowed to N13.51 per dollar, down from N21.4 per dollar recorded on Wednesday.
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