Naira Appreciates to N1,725/$ in Parallel Market

Yesterday, the Naira appreciated to N1,725 per dollar in the parallel market, up from N1,730 per dollar on Wednesday.

In the Nigerian Autonomous Foreign Exchange Market (NAFEM), the Naira also appreciated to N1,639.50 per dollar, decreasing from N1,681.65 per dollar on Wednesday. This indicates a N42.15 appreciation for the Naira. Additionally, the volume of dollars traded in the official market increased by 24 percent, rising to $244.96 million from $196.78 million on Wednesday.

As a result, the gap between the parallel market and the AFEM rate widened to N85.50 per dollar, compared to N48.35 per dollar on Wednesday.