Naira on Wednesday appreciated to N1,700 per dollar in the parallel market from N1,705 per dollar on Monday.
Similarly, the Naira depreciated to N1,669.15 per dollar in the Nigerian Autonomous Foreign Exchange Market, NAFEM.
According to FMDQ Data, the indicative exchange rate for NAFEM fell to N1,669.15 per dollar from N1,541.94 per dollar on Monday, indicating N127.2 appreciation for the Naira.
The volume of dollars traded in the official market decreased by 2.97% to $176.45 million on Wednesday, compared to $181.86 million on Monday.
Consequently, the margin between the parallel market and NAFEM (Nigerian Autonomous Foreign Exchange Market) rate narrowed significantly, from N163.06 per dollar on Monday to N30.85 per dollar.
