The US dollar has appreciated against Nigerian naira, exchanging at N1,260 per dollar in the parallel market from N1,220 per dollar on Tuesday.
The naira also depreciated to N904.65 per dollar in the official Nigerian Foreign Exchange Market (NAFEM).
Data from FMDQ showed that the indicative exchange rate for NAFEM rose to N904.65 per dollar from N865.03 per dollar on Tuesday, indicating a N39.62 depreciation for the naira.
As a result, the gap between the official and parallel market exchange rates widened to N355.35 per dollar yesterday from N354.97 per dollar on Tuesday.
The volume of dollars traded on NAFEM increased by 22 percent to $120.89 million from $99.09 million traded on Tuesday.
The development comes despite the dollar supply increasing by 22 per cent to $120.89 million on Wednesday
Wale Edun, Finance minister, said on October 23, 2023 that Nigeria is expecting as much as $10 billion in new foreign currency inflows in the next few weeks to ease acute dollar shortages in the foreign exchange market.
