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| Naira Strengthens to N1,485/$ in Parallel Market |
The Naira saw an uptick in the parallel market yesterday, reaching N1,485 per dollar, up from N1,490 per dollar on Monday. In the Nigerian Autonomous Foreign Exchange Market (NAFEM), the Naira strengthened further to N1,473.66 per dollar.
FMDQ data revealed that the indicative exchange rate for NAFEM dropped to N1,473.66 per dollar from N1,483.62 per dollar on Monday, marking a N9.96 gain for the Naira.
Dollar trading volume in the market surged by 138.6% to $385.91 million from $161.69 million on Monday.
As a result, the disparity between the parallel market and NAFEM rates expanded to N11.34 per dollar, compared to N6.38 per dollar on Monday.
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