The Naira appreciated to N1,725 per dollar in the parallel market yesterday, representing a gain of N5 from N1,730 per dollar on Wednesday.
Similarly, the Naira strengthened to N1,639.5 per dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEM), according to data from FMDQ.
The indicative exchange rate for NAFEM fell from N1,681.65 per dollar on Wednesday to N1,639.5 per dollar, indicating a N42.15 appreciation for the Naira.
The volume of dollars traded (turnover) in the official market grew by 24 percent to $244.96 million from $196.78 million traded on Wednesday.
However, the margin between the parallel market and NAFEM rate widened to N85.5 per dollar from N48.35 per dollar on Wednesday.
This development comes as the Central Bank of Nigeria (CBN) continues to implement measures to stabilize the foreign exchange market and boost the Naira’s value.
The appreciation of the Naira is expected to have a positive impact on the economy, particularly on importers and businesses that rely on foreign exchange.
Meanwhile, the CBN has maintained its commitment to ensuring exchange rate stability and promoting economic growth.
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