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Naira strengthens in both official, parallel markets
The Naira has on Tuesday, made a significant gains, rising to N1,270 per dollar at the parallel market compared to N1,290 per dollar last Thursday.
Furthermore, at the NAFEM, the Naira appreciated to N1,278.58 per dollar.
READ ALSO: Naira plunges low at foreign exchange market despite security measures
According to data from FMDQ, the indicative exchange rate for NAFEM saw a decline to N1,278.58 per dollar, showing an impressive N30.81 appreciation for the Naira compared to the previous week’s rate of N1,309.39 per dollar.
This positive trend led to a narrower margin between the parallel market rate and NAFEM, now standing at N8.58 per dollar, down from N19.39 per dollar last Thursday.
These developments are indicative of a stronger Naira across multiple exchange platforms.
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