The Naira appreciated in the parallel market on Thursday, reaching N1,470 per dollar compared to N1,500 per dollar previously.
However, in the Nigerian Autonomous Foreign Exchange Market (NAFEM), the Naira depreciated to N1,482.72 per dollar. Data from the Financial Markets Dealers Quotations (FMDQ) revealed that the indicative exchange rate for NAFEM rose from N1,476.24 per dollar, indicating a N6.48 depreciation for the Naira.
The volume of dollars traded on the NAFEM window also fell significantly by 98 percent to $183.47 million from $92.68 million.
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As a result, the margin between the parallel market and NAFEM rates narrowed to N12.72 per dollar from N23.76 per dollar previously.