By Bayero Ade
The Naira recorded a slight appreciation in the parallel market on Wednesday, trading at N1,745 per dollar, an improvement from Tuesday’s rate of N1,755 per dollar.
In contrast, the currency weakened in the Nigerian Autonomous Foreign Exchange Market (NAFEM), where it dropped to N1,660.83 per dollar compared to the previous day’s N1,659.44 per dollar, reflecting a decline of N1.39.
Additionally, trading activity in NAFEM experienced a notable decrease, with dollar turnover falling by 20.8% to $337.07 million, down from $425.98 million recorded on Tuesday.
Consequently, the gap between the exchange rates in the parallel market and NAFEM narrowed to N84.17 per dollar, compared to the previous day’s difference of N95.56 per dollar.
Leave a Reply