The Nigerian Naira has strengthened to ₦1,725 per United States dollar in the parallel market.
The Naira strengthened yesterday, rising to N1,725 per dollar in the parallel market, up from N1,730 per dollar on Monday. In contrast, the Naira remained steady at N1,672.69 per dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEM).
According to data from FMDQ, the indicative exchange rate for the Naira has shown consistent stability since Monday.
Additionally, the volume of dollars traded decreased by 18.2 percent, falling to $207.86 million from $254.1 million on Monday.
As a result, the gap between the parallel market rate and the NAFEM rate narrowed to N52.31 per dollar, down from N57.31 per dollar on Monday.