The Naira strengthened yesterday, rising to N1,685 per dollar in the parallel market, up from N1,700 per dollar on Monday. In the Nigerian Autonomous Foreign Exchange Market (NAFEM), the Naira also gained value, reaching N1,659.26 per dollar. 

According to data from FMDQ, the indicative exchange rate for NAFEM decreased to N1,659.26 per dollar from N1,669.15 per dollar on Wednesday, reflecting an appreciation of N9.89 for the Naira. 

Additionally, the turnover of dollars traded in the official market surged by 155.2 percent, climbing to $450.39 million from $176.45 million on Wednesday. 

As a result, the gap between the parallel market and NAFEM rates narrowed to N25.74 per dollar, down from N30.85 per dollar on Wednesday.