The Naira yesterday depreciated to N1,685 per dollar in the parallel market from N1,660 per dollar on Monday.
But the local currency appreciated to N1,561.76 per dollar in the Nigerian Autonomous Foreign Exchange Market, NAFEM.
Nigeria’s Naira currency has appreciated significantly against the US Dollar, with the indicative exchange rate for NAFEM falling to N1,561.76 per dollar from N1,635.15 per dollar on Monday, representing a N73.39 appreciation . This is fantastic news for the Nigerian economy, and it’s also worth noting that the volume of dollars traded in the official market grew by 100.9% to $253.68 million from $126.24 million traded on Monday.
Consequently, the margin between the parallel market and NAFEM rate widened to N123.24 per dollar from N24.85 per dollar on Monday.
