The Naira appreciated against the US dollar yesterday, rising to N1,490/$ in the parallel market, up from N1,502/$ recorded on Tuesday. A similar gain was observed in the Nigerian Foreign Exchange Market (NFEM), where the currency strengthened to N1,499.8/$.
According to data from FMDQ, the indicative exchange rate in the NFEM dropped slightly from N1,501/$ on Tuesday to N1,499.8/$, marking a 20 kobo gain.
As a result, the gap between the parallel market and NFEM rates widened to N9.8/$, compared to 50 kobo/$ the previous day, reflecting ongoing fluctuations in the country’s forex market.
