Yesterday, the naira saw an improvement to N1,580 per dollar in the parallel market compared to N1,590 per dollar on Monday. Similarly, it appreciated to N1,560.57 per dollar in the Nigerian Foreign Exchange Market (NAFEM).
Data from FMDQ revealed that the indicative exchange rate for NAFEM decreased to N1,560.57 per dollar from N1,572.86 per dollar on Monday, reflecting a N12.29 appreciation for the naira. The market witnessed an intraday high of N1,626.5 per dollar and an intraday low of N1,415 per dollar, resulting in a margin of N211.5.
However, the volume of dollars traded (turnover) in the market dropped by 38 percent to $195.13 million from $315.21 million traded on Monday. Consequently, the margin between the parallel market rate and NAFEM widened to N29.43 per dollar from N17.24 per dollar on Monday.
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