Naira strengthens against US dollar in parallel market

The Naira, Nigeria’s currency, gained value on Thursday, trading at N1,740 per dollar in the parallel market, a slight improvement from the previous day’s rate of N1,745 per dollar.

Similarly, the Naira appreciated in the Nigerian Autonomous Foreign Exchange Market (NAFEM), where it was valued at N1,644.86 per dollar.

According to data from FMDQ, the indicative exchange rate in NAFEM dropped to N1,644.86 per dollar, marking a N15.97 gain compared to Wednesday’s rate of N1,660.83 per dollar.

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The trading volume in the market saw a significant boost, with turnover rising by 66% to $560.34 million, up from $337.07 million recorded the previous day.

As a result, the gap between the parallel market rate and the NAFEM rate widened, reaching N95.14 per dollar compared to N84.17 per dollar on Wednesday.