Yesterday, the Naira strengthened in the parallel market, reaching N1,500 per dollar compared to N1,525 per dollar on Monday.


Similarly, in the Nigerian Autonomous Foreign Exchange Market (NAFEM), the NGN appreciated to N1,339.33 per dollar.

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Data from FMDQ revealed that the indicative exchange rate for NAFEM dropped to N1,339.33 per dollar from N1,481.23 per dollar, indicating a significant appreciation of N141.9 for the Naira.

Consequently, the margin between the parallel market and NAFEM rates widened to N160.67 per dollar from N43.77 per dollar on Monday.