Business
Naira gains strength over dollar at parallel market
The Nigerian naira strengthened in the parallel market on Thursday, appreciating to a rate of N1,495 per US dollar, a significant improvement from the previous day’s rate of N1,510 per dollar, indicating a notable gain in value.
Aaccording to data from FMDQ, this represents a significant appreciation of N7.11, down from N1,488.6 per dollar, signaling a positive trend for the local currency, the Nigerian naira continued its upward trend, strengthening to N1,481.49 per US dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEM).
The Nigerian Autonomous Foreign Exchange Market (NAFEM) experienced a significant increase in trading activity, with a 3.83% rise in dollar transactions, reaching $213.31 million, up from $205.43 million the previous day.
As a result, the disparity between the parallel market and NAFEM exchange rates decreased to N13.51 per dollar, a reduction from N21.4 per dollar observed on Wednesday.
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