Yesterday, the Naira strengthened to N1,700 per dollar in the parallel market, up from N1,705 per dollar on Monday. In contrast, it fell to N1,669.15 per dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEM).
Data from FMDQ indicated that the indicative exchange rate for NAFEM dropped to N1,669.15 per dollar, down from N1,541.94 per dollar on Monday, reflecting N127.2 increase in the Naira’s value.
The volume of dollars traded (turnover) in the official market declined by 2.97 percent to $176.45 million from $181.86 million traded on Monday. Consequently, the margin between the parallel market and NAFEM rate narrowed to N30.85 per dollar from N163.06 per dollar on Monday.
By Segun Gracious
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