The Naira appreciated to N1,740 per dollar yesterday in the parallel market, up from N1,745 per dollar on Wednesday. Similarly, in the Nigerian Autonomous Foreign Exchange Market (NAFEM), the Naira strengthened to N1,644.86 per dollar.

According to data from FMDQ, the indicative exchange rate for NAFEM dropped to N1,644.86 per dollar from N1,660.83 per dollar on Wednesday, reflecting a N15.97 appreciation for the Naira.

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The volume of dollars traded surged by 66 percent, reaching $560.34 million compared to $337.07 million on Wednesday.

 

As a result, the gap between the parallel market and NAFEM rates widened to N95.14 per dollar from N84.17 per dollar on Wednesday.