Yesterday, in the parallel market, the value of the Naira increased from N1,725 per dollar on Monday to N1,720. Similarly, in the Nigerian Autonomous Foreign Exchange Market (NAFEM), the value of the Naira also increased to N1,671.32 per dollar.
According to data from FMDQ, the naira appreciated by N5.58 on Monday, as the indicative exchange rate for NAFEM also dropped from N1,676.9 to N1,671.32 per dollar.
The official market’s turnover, or the number of dollars traded, rose from $79.47 million on Monday to $218.77 million, indicating a huge 124.4 percent rise. However, this had little positive effect on the naira appreciation.
As a result, the difference between the NAFEM rate and the parallel market increased from N48.1 to N48.68 per dollar on Monday.
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