Naira strengthens to N1,670/$ against Dollar in parallel official markets, margins narrow

The Naira appreciated slightly in the parallel market yesterday, rising to N1,670 per dollar, compared to N1,675 per dollar on Wednesday.

Similarly, in the Nigerian Autonomous Foreign Exchange Market (NAFEM), the Naira strengthened, closing at N1,622.57 per dollar, an improvement from N1,625.13 per dollar the previous day.

According to FMDQ data, this represents a N2.56 gain for the Naira. However, the volume of dollars traded in the official market dropped by 14.6%, from $170.6 million on Wednesday to $145.56 million.

As a result, the gap between the parallel market and NAFEM rates narrowed, with the margin shrinking to N47.53 per dollar from N49.87 on Wednesday.