The Naira witnessed a notable appreciation in value yesterday, marking a positive shift in Nigeria’s currency exchange rates.
In the parallel market, the Naira strengthened to N1,755 per dollar, an improvement from N1,770 per dollar recorded on Monday.
Similarly, the Nigerian Autonomous Foreign Exchange Market (NAFEM) reported a significant rise, with the exchange rate appreciating to N1,659.44 per dollar, compared to N1,675.62 per dollar earlier in the week.
According to data from FMDQ, the Naira gained N16.18 in the NAFEM market. This improvement was accompanied by a substantial increase in dollar trading activity, with the daily turnover soaring by 219.5% to $425.98 million, up from $108.79 million on Monday.
As a result of these developments, the gap between the parallel market rate and the NAFEM rate narrowed considerably to N95.56 per dollar, down from N117.38 per dollar on Monday. This convergence signals a positive trend in stabilizing exchange rates in Nigeria.