The value of the Naira has increased to 1,550 Naira per US Dollar in the parallel market.
The Naira experienced an appreciation in its value against the US dollar on the parallel market yesterday. Specifically, it moved from N1,560 per dollar on Wednesday to N1,550 per dollar.
Additionally, the Naira also appreciated in the Nigerian
Autonomous Foreign Exchange Market (NAFEM), reaching a value of N1,554.55 per
dollar.
As per FMDQ data, the indicative exchange rate for NAFEM
depreciated from N1,561.98 per dollar on Wednesday to N1,554.55 per dollar,
indicating an appreciation of N7.43 for the naira.
Notably, the volume of dollars traded on the window
experienced a significant increase of 47.4%, rising from $236.7 million on
Wednesday to $348.82 million..
As a result, the difference between the parallel market and
NAFEM rates increased to N54.55 per dollar from N1.98 per dollar on Wednesday.