In a positive turn, the Naira surged to N1,320 per dollar in the parallel market, marking an improvement from Monday’s rate of N1,340 per dollar.
Within the Nigerian Foreign Exchange Market (NAFEM), the Naira further strengthened to N1,390.96 per dollar, according to data from FMDQ.
This upward trend reflects a notable appreciation of N28.15 for the Naira, with the market witnessing a range of fluctuations, from an intraday high of N1,450 per dollar to a low of N1,200 per dollar, resulting in a N250 per dollar margin.
Moreover, trading activity saw a substantial increase, with the volume of dollars exchanged rising by 52.4 percent to $225.36 million, compared to $147.83 million traded on Monday.
As a result, the gap between the parallel market and NAFEM rates narrowed to N70.96 per dollar, indicating a positive trajectory for the Naira.
