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HomeFinanceNaira Strengthens to N1,475 per Dollar in Informal Market

Naira Strengthens to N1,475 per Dollar in Informal Market

The Nigerian Naira witnessed a positive surge, reaching N1,475 per dollar in the informal market, a slight improvement from its previous standing at N1,480 per dollar on Monday.

 

Conversely, in the Nigerian Autonomous Foreign Exchange Market (NAFEM), the Naira experienced a minor depreciation, settling at N1,476.95 per dollar.

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According to data from FMDQ, the indicative exchange rate for NAFEM saw a modest increase, reaching N1,476.95 per dollar from N1,476.12 per dollar on Monday, indicating a depreciation of 83 kobo for the Naira. Trading volume on the NAFEM platform surged by 94.5 percent to $236.99 million from the previous day’s $121.87 million.

 

As a result, the gap between the parallel market and NAFEM rates contracted to N1.95 per dollar, compared to N3.88 per dollar recorded on Monday.

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