Nigerian Naira Gains Ground, Appreciates 19% to N874.79 per Dollar"

 "Nigerian Naira Gains Ground, Appreciates 19% to N874.79 per Dollar"

In a positive turn, the Nigerian Naira experienced a noteworthy appreciation, reaching N874.79 per dollar in the Nigerian Foreign Exchange Market (NAFEM). Data sourced from FMDQ revealed a considerable 19% increase, with the indicative exchange rate rising from N1,082.32 per dollar on Wednesday to the current rate.

Throughout the trading day, the intraday high reached N1,264.96 per dollar, while the intraday low was N475 per dollar, showcasing a margin of N789.96 per dollar. The total volume of dollars traded in NAFEM amounted to $110.41 million, reflecting active market participation.

In parallel, the naira strengthened to N1,240 per dollar in the parallel market, marking an improvement from the previous rate of N1,250 per dollar on Wednesday. This development resulted in a widened gap between the official and parallel market exchange rates, standing at N365.21 per dollar yesterday, compared to N167.68 per dollar on Wednesday.

The observed appreciation in the Naira suggests positive momentum in the foreign exchange market, reflecting various factors influencing currency dynamics. Investors and stakeholders will likely closely monitor these developments as the currency landscape continues to evolve.

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