Yesterday, the Naira strengthened to N1,220 per dollar in the parallel market, up from N1,238 per dollar on Wednesday. However, in the official Nigerian Foreign Exchange Market (NAFEM), the Naira weakened to N861.91 per dollar.
According to FMDQ data, the indicative exchange rate for NAFEM increased from N854.61 to N861.91 per dollar on Wednesday, marking a N7.3 depreciation for the Naira. The day’s highest rate hit N1,249 per dollar, while the lowest was N700 per dollar, showing a margin of N549 per dollar.
Consequently, the gap between the official and parallel market rates widened to N358.09 per dollar on Thursday, compared to N383.39 per dollar on Wednesday. The volume of dollars traded remained constant at $181.3 million, mirroring the previous day’s figures.
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