Naira gained value on Wednesday in the parallel market, climbing to N1,720 per dollar from Monday’s rate of N1,725 per dollar, reflecting a modest appreciation.
Meanwhile, the Naira also gained value in the Nigerian Autonomous Foreign Exchange Market, where it rose to N1,671.32 per dollar.
According to data from the FMDQ Securities Exchange, the indicative exchange rate for NAFEM dropped to N1,671.32 per dollar from N1,676.9 per dollar on Monday, showcasing a N5.58 increase in value for the Naira.
This data signals a promising performance of the Naira within the official market, suggesting increased investor confidence.
The daily dollar trading volume in the official exchange rose significantly, up by 124.4 percent to $218.77 million, compared to $79.47 million traded on Monday.
This spike in turnover indicates heightened activity in the official forex market, reflecting increased dollar liquidity.
Due to these changes, the gap between the parallel market and the NAFEM rate widened slightly, reaching N48.68 per dollar, up from N48.1 per dollar on Monday.
This widening margin reflects the ongoing disparity between Nigeria’s formal and informal currency markets despite the Naira’s recent gains.
