In the parallel market, the value of the Naira increased from N1,725 to N1,720 per dollar on Monday to N1,720 yesterday.
Similarly, on the Nigerian Autonomous Foreign Exchange Market, or NAFEM, the value of the Naira increased to N1,671.32 per dollar.
According to data from FMDQ, the naira appreciated by N5.58 on Monday, as the indicative exchange rate for NAFEM dropped from N1,676.9 to N1,671.32 per dollar.
The official market’s turnover, or the amount of dollars traded, rose from $79.47 million on Monday to $218.77 million, a 124.4 percent increase.
As a result, the difference between the NAFEM rate and the parallel market increased from N48.1 to N48.68 per dollar on Monday.
