The Naira experienced an appreciation yesterday, rising to N1,590 per dollar in the parallel market, up from N1,595 per dollar on Wednesday.

In the Nigerian Autonomous Foreign Exchange Market (NAFEM), the Naira also appreciated, reaching N1,596.52 per dollar.

According to data from FMDQ, the indicative exchange rate for NAFEM decreased to N1,593.62 per dollar, down from N1,596.52 per dollar on Wednesday, reflecting a N2.9 appreciation for the Naira.

Additionally, the volume of dollars traded in the market surged by 51 percent, totaling $141.99 million compared to $93.92 million on Wednesday.

As a result, the gap between the parallel market rate and the NAFEM rate expanded to N3.52 per dollar, up from N1.52 per dollar on Wednesday.