The Naira showed significant improvement in the parallel market on Thursday, rising to N1,740 per dollar. This marks a slight but notable gain from Wednesday’s rate of N1,745 per dollar.
In addition to the parallel market gains, the Naira also appreciated in the Nigerian Autonomous Foreign Exchange Market (NAFEM). Data revealed that the currency traded at N1,644.86 per dollar on Thursday, compared to N1,660.83 per dollar on the previous day. This indicates an upward movement of N15.97 for the Naira in the official exchange platform.
Market activity saw a substantial increase in dollar trading volumes. The turnover rose sharply by 66 percent, reaching $560.34 million on Thursday, up from $337.07 million traded on Wednesday. This surge in trading activity highlights an increase in market liquidity, which may have contributed to the Naira’s recent gains.
Despite these positive developments, the gap between the parallel market rate and the official NAFEM rate widened. The margin increased to N95.14 per dollar on Thursday, compared to N84.17 per dollar on Wednesday.
