The Naira appreciated to N1,225 per dollar in the parallel market yesterday from N1,240 per dollar on Monday.
Similarly, in the official Nigerian Foreign Exchange Market (NAFEM), the Naira appreciated to N844.85 per dollar.
According to FMDQ data, NAFEM’s indicative exchange rate dipped to N844.85 per dollar from N888.35 on Monday, signaling a N43.5 increase for the naira. Consequently, the official and parallel market rates diverged to N380.15 per dollar yesterday, up from N351.65 last week Friday.
The market experienced a notable intraday high at N1,189.12 per dollar, with the low touching N720 per dollar, resulting in a substantial gap of N469.12 per dollar.
Dollar transactions on the window decreased by 19 percent to $1,11.76 million from Monday’s $137.82 million. Sharing his perspective, Mr. Sanni Usman, a black market trader, disclosed purchasing a dollar at N1,210 and selling it for N1,225 yesterday.