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Naira Strengthens Against US Dollar In NAFEM

Yesterday, the Nigerian Foreign Exchange Market (NAFEM) witnessed an appreciation of the naira to N874.79 per dollar, marking a 19% or N207.53 increase from the previous day’s rate of N1,082.32 per dollar, according to data from FMDQ.

The intraday high reached N1,264.96 per dollar, while the intraday low was N475 per dollar, creating a margin of N789.96 per dollar.

The total volume of dollars traded in NAFEM amounted to $110.41 million on that day. Concurrently, the naira strengthened in the parallel market, reaching N1,240 per dollar compared to N1,250 per dollar on Wednesday.

This led to a widening gap between the official and parallel market exchange rates, reaching N365.21 per dollar, up from N167.68 per dollar on the previous Wednesday.

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