The Naira strengthened on Wednesday, November 27, in the parallel market, trading at N1,745 per dollar, compared to N1,755 per dollar on Tuesday.
However, in the Nigerian Autonomous Foreign Exchange Market (NAFEM), the Naira weakened slightly, closing at N1,660.83 per dollar, down from N1,659.44 per dollar on Tuesday—reflecting a depreciation of N1.39.
Vanguard reports that data from FMDQ also revealed a 20.8% drop in dollar trading volume, with turnover falling to $337.07 million from $425.98 million the previous day.
As a result, the gap between the parallel market and NAFEM exchange rates narrowed to N84.17 per dollar from N95.56 per dollar on Tuesday.
