The Naira displayed resilience, climbing to N1,475 per dollar in the parallel market, marking a slight uptick from the previous day’s rate of N1,480 per dollar.
Contrarily, in the Nigerian Autonomous Foreign Exchange Market (NAFEM), the Naira experienced a marginal dip to N1,476.95 per dollar, according to data from FMDQ. The indicative exchange rate for NAFEM inched up from N1,476.12 per dollar on Monday, signaling an 83 kobo depreciation.
Market activity saw a notable surge, with the volume of dollars traded on the NAFEM window spiking by 94.5 percent to $236.99 million compared to $121.87 million traded the previous day. This surge contributed to a narrowing margin between the parallel market and NAFEM rates, reducing from N3.88 per dollar on Monday to N1.95 per dollar.
Amidst these market fluctuations, the Naira’s performance underscores ongoing dynamics within the foreign exchange landscape, with stakeholders closely monitoring developments.
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