The Naira experiences an increase, reaching N1,225 per US dollar in the parallel market.

Yesterday, the Nigerian naira demonstrated an increase in value to N1,225 per dollar in the parallel market, compared to N1,240 per dollar on Monday. Additionally, within the official Nigerian Foreign Exchange Market (NAFEM), the naira strengthened to N844.85 per dollar.

Data sourced from FMDQ revealed a noteworthy decrease in the indicative exchange rate for NAFEM, dropping to N844.85 per dollar from the previous N888.35 per dollar on Monday, reflecting a notable N43.5 appreciation for the naira.

Consequently, the gap between the official and parallel market exchange rates expanded to N380.15 per dollar yesterday, up from N351.65 per dollar the previous Friday.

Market fluctuations saw an intraday high at N1,189.12 per dollar, with an intraday low of N720 per dollar, resulting in a gap of N469.12 per dollar.

The volume of dollars traded on the window experienced a 19 percent decrease, falling to $111.76 million from $137.82 million on Monday. A black market trader, Mr. Sanni Usman, reported purchasing a dollar at N1,210 and selling it for N1,225.