Yesterday, the Nigerian naira strengthened to N1,595.11 per dollar in the official Nigerian Foreign Exchange Market (NAFEM), surpassing the parallel market rate, which closed at N1,490 per dollar.
Data from FMDQ revealed that the indicative exchange rate for NAFEM decreased from N1,609.51 to N1,595.11 per dollar, indicating a N14.4 appreciation for the naira. Similarly, in the parallel market, the naira appreciated to N1,490 per dollar from N1,610 per dollar on Wednesday.
Consequently, the gap between the official and parallel market exchange rates narrowed to N135.11 per dollar from 49 kobo per dollar on Wednesday.
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