By: Bayero Ade
The Naira gained strength in the parallel market yesterday, appreciating to N1,755 per dollar from N1,770 recorded on Monday.
Similarly, in the Nigerian Autonomous Foreign Exchange Market (NAFEM), the Naira appreciated to N1,659.44 per dollar. Data from FMDQ indicated that the indicative exchange rate in NAFEM fell from N1,675.62 per dollar on Monday, marking an N16.18 gain for the local currency.
Trading activities in the NAFEM also surged, with the volume of dollars traded rising by 219.5% to $425.98 million, compared to $108.79 million on Monday.
As a result, the margin between the parallel market rate and the NAFEM rate narrowed to N95.56 per dollar, down from N117.38 per dollar earlier in the week.
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