Yesterday, the Nigerian naira experienced a notable appreciation against the US dollar in both the parallel market and the Nigerian Foreign Exchange Market (NAFEM). In the parallel market, the naira strengthened to N1,450 per dollar, a significant improvement from the previous rate of N1,580 per dollar observed on Tuesday. Likewise, within NAFEM, the naira appreciated N1,492.61 per dollar, surpassing the parallel market rate of N42.61.

According to data from FMDQ, the indicative exchange rate for NAFEM decreased to N1,492.61 per dollar from N1,560.57 per dollar recorded on Tuesday. This shift indicates a substantial appreciation of N67.9 for the naira within NAFEM. As a result of these fluctuations, the margin between the parallel market rate and NAFEM widened to N42.61 per dollar, compared to N29.43 per dollar reported on Tuesday.

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