Naira appreciates to N1,375/$ in parallel market

The Naira experienced an appreciation in the parallel market yesterday, rising to N1,375 per dollar from N1,500 per dollar on Tuesday.

However, in the Nigerian Autonomous Foreign Exchange Market (NAFEM), the Naira depreciated, falling to N1,339.33 per dollar. According to data from FMDQ, the indicative exchange rate for NAFEM increased to N1,329.65 per dollar, up from N1,173.88 per dollar on Tuesday, marking a depreciation of N155.77 for the Naira.

As a result, the gap between the parallel market rate and the NAFEM rate narrowed significantly, decreasing to N45.35 per dollar from N326.12 per dollar the previous day.