The Nigerian currency has continue to appreciate to N1,165 per dollar ($) in the parallel market from N1,167/$ on Wednesday.
However, in the Nigerian Foreign Exchange Market (NAFEM), the Naira depreciated to N832.32 per dollar.
Data from FMDQ had shown that the indicative exchange rate for NAFEM rose to N832.32/$ from N831.47/$ on Wednesday, indicating 85 kobo depreciation for the Naira.
As a result, the gap between the official and parallel market exchange rates narrowed to N332.68/$ on Thursday from N335.53 per dollar on Wednesday.
The dollar is been sold between the rate of N1150 to N1170 across the Foreign Exchange Market this week due to the high demand and low supply factors. We hope it goes below the N1000/$ threshold before year end.
