Naira appreciates to N1,745/$1 in parallel market

The Naira recorded gains in the parallel market on Thursday, appreciating to N1,740/$1 from N1,745/$1 on Wednesday.

Similarly, in the Nigerian Autonomous Foreign Exchange Market (NAFEM), the Naira strengthened to N1,644.86/$1 from N1,660.83/$1, reflecting a gain of N15.97.

Data from FMDQ revealed a 66% surge in dollar trading volume, with turnover rising to $560.34 million from $337.07 million the previous day.

Despite the gains, the gap between the parallel market and NAFEM rates widened to N95.14/$1, compared to N84.17/$1 on Wednesday. The increase in trading volume is seen as a sign of heightened market activity.