In a positive turn, the Nigerian Naira witnessed a notable appreciation in the parallel market, reaching N1260 per dollar, compared to N1270 per dollar just a day prior. The trend continued with the official exchange rate, soaring to N1595 per dollar, surpassing the parallel market rate.
Data sourced from FMDQ revealed a significant improvement in the Naira’s performance in the NAFEM, with the indicative exchange rate dropping to N1262.85 per dollar from N1278.58 per dollar, marking a notable N15.73 appreciation for the local currency.
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This development led to a notable reduction in the margin between the parallel market rate and the NAFEM rate, narrowing down to N2.85 per dollar, compared to N8.58 per dollar observed earlier.
The strengthening of the Naira reflects positive market sentiment and may have implications for various economic sectors. Stay updated for further insights into Nigeria’s currency market dynamics.
