BREAKING: What Naira Did To Dollar Hours Ago At Official, Parallel Markets

BREAKING: What Naira Did To Dollar Hours Ago At Official, Parallel Markets

On Friday, the Nigerian naira bounced back against the United States dollar at the Nigerian Autonomous Foreign Exchange Market (NAFEM), the country’s official exchange rate window.

The naira strengthened to N794.89/$1, marking a recovery after a two-day decline in the official market.

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Data from FMDQ Securities Exchange, the platform overseeing foreign exchange trading in Nigeria, indicates a 16.88% improvement from the N956.33 recorded on Thursday.

However, the forex turnover on Thursday reached $105.50 million, reflecting the total amount of dollars traded on that specific trading day.

Simultaneously, at the parallel market, the naira sustained its appreciation against the dollar on Friday, climbing from N1,160 to N1,155. This signifies a 0.43% (N5) gain compared to the N1,160 exchange rate on Thursday at the parallel market.

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