Naira Appreciates to ₦1,585 per Dollar in Parallel Market, Gains ₦19.42 in NAFEM

The Nigerian Naira strengthened in the parallel market on Friday, reaching ₦1,585 per dollar, up from ₦1,590 per dollar recorded on Thursday.

Similarly, the Naira appreciated to ₦1,574.2 per dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEM) yesterday.

Data from FMDQ revealed that the indicative exchange rate for NAFEM decreased to ₦1,574.2 per dollar, down from ₦1,593.62 per dollar on Thursday, reflecting a ₦19.42 gain for the Naira.

Additionally, the volume of dollars traded in the market saw a significant increase, surging by 127.5 percent to $323.11 million, compared to $141.99 million traded the previous day.

Consequently, the gap between the parallel market rate and the NAFEM rate widened to ₦10.8 per dollar, up from ₦3.52 per dollar on Thursday.