The Naira experienced a positive shift yesterday, appreciating to N1,260 per dollar in the parallel market, up from N1,270 per dollar recorded on Monday.
Similarly, in the Nigerian Autonomous Foreign Exchange Market (NAFEM), the Naira saw an uptick to N1,262.85 per dollar. Data sourced from FMDQ revealed a decline in the indicative exchange rate for NAFEM, dropping to N1,262.85 per dollar from Monday’s rate of N1,278.58 per dollar, marking a notable appreciation of N15.73 for the Naira.
Consequently, the gap between the parallel market rate and NAFEM narrowed to N2.85 per dollar, compared to Monday’s margin of N8.58 per dollar.
This positive movement suggests improved stability and confidence in the Naira’s performance in the forex market.
