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Yesterday, the Naira strengthened to N1,585 per dollar in the parallel market, up from N1,600 per dollar on Monday.
In addition, the Naira appreciated to N1,601 per dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEM).
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Data from FMDQ revealed that the indicative exchange rate for NAFEM dropped to N1,601 per dollar from N1,607.15 per dollar on Monday, resulting in a N6.15 increase for the naira.
The volume of dollars traded in the market decreased by 19.7 percent to $61.9 million from the $77.09 million traded on Monday. As a result, the margin between the parallel market and the NAFEM rate expanded to N16 per dollar from N7.15 per dollar on Monday.
