The Naira appreciated N1,585 per dollar in the parallel market yesterday, improving from N1,600 per dollar on Monday.
Similarly, in the Nigerian Autonomous Foreign Exchange Market (NAFEM), the Naira appreciated to N1,601 per dollar. Data from FMDQ indicated that the NAFEM exchange rate fell to N1,601 per dollar from N1,607.15 per dollar on Monday, reflecting a N6.15 rise for the Naira.
The volume of dollars traded in the market declined by 19.7 percent, decreasing to $61.9 million from $77.09 million traded on Monday.
READ ALSO; Naira Appreciates to N1,607.15 per Dollar in NAFEM
As a result, the margin between the parallel market and the NAFEM rate widened to N16 per dollar from N7.15 per dollar on Monday.