Yesterday, the Naira depreciated in the parallel market, dropping to N1,645 per dollar from N1,640 on Tuesday.
Meanwhile, in the Nigerian Autonomous Foreign Exchange Market (NAFEM), the Naira strengthened, appreciating to N1,539.65 per dollar.
According to data from FMDQ, the indicative exchange rate for NAFEM decreased from N1,656.49 on Tuesday to N1,539.65 per dollar, reflecting a significant gain of N116.84 for the Naira.
Additionally, dollar trading volume in the official market surged by 38.9%, with $139.48 million traded compared to $100.39 million on Tuesday.
As a result, the gap between the parallel market rate and the NAFEM rate widened, reaching N105.35 per dollar, up from N16.49 on Tuesday.
