The value of the Naira appreciated in both the black market and the Nigerian Autonomous Foreign Exchange Market (NAFEM) recently.
In the parallel market, the Naira strengthened to N1,585 per dollar, up from N1,595 per dollar the previous day. Likewise, in the NAFEM, the Naira appreciated to N1,586.04 per dollar.
Data from FMDQ revealed that the indicative exchange rate for NAFEM decreased to N1,564.48 per dollar, showing an appreciation of N21.56 for the Naira.
The volume of dollars traded in the market also saw a significant increase, rising by 61.5 percent to $149.24 million, compared to $92.39 million traded on the previous day. This surge in trading volume indicates higher demand for foreign exchange in the market.
As a result of these developments, the margin between the parallel market and the NAFEM rate widened to N20.52 per dollar, representing an increase from N8.96 per dollar the previous day.
This disparity in exchange rates reflects the different market dynamics and conditions in the parallel market compared to the official NAFEM.
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