In the parallel market yesterday, the value of the Naira increased from N1,680 per dollar on Wednesday to N1,675 per dollar.
In a similar vein, the value of the Naira increased on the Nigerian Autonomous Foreign Exchange Market, or NAFEM, to N1,576.1 per dollar.
The indicative NAFEM exchange rate dropped to N1,576.1 per dollar from N1,667.42 per dollar on Wednesday, according to data from FMDQ, indicating a N91.32 appreciation for the naira.
From Wednesday’s $100.47 million in trades, the amount of dollars moved (turnover) in the official market increased by 232.4 percent to $334.05 million.
As a result, on Wednesday, the difference between the NAFEM rate and the parallel market was N12.58 per dollar, but on Thursday it was N98.9.
