Economy
Naira Appreciates in Both Official and Parallel Forex Markets
The Naira saw an improvement in value yesterday, appreciating to N1,680 per dollar in the parallel market, up from N1,690 per dollar recorded over the past weekend.
Similarly, the local currency showed gains in the Nigerian Autonomous Foreign Exchange Market (NAFEM), strengthening to N1,552.92 per dollar.
According to data from FMDQ, the indicative exchange rate for NAFEM dropped to N1,552.92 per dollar, compared to N1,641.27 per dollar last weekend, marking an N88.35 rise in the Naira’s value.
However, trading volume in the official market saw a significant dip, with the turnover dropping by 44%, from $616.73 million last Friday to $343.71 million yesterday.
As a result of these changes, the gap between the parallel market and NAFEM rates widened to N127.08 per dollar, from N48.73 per dollar last weekend.
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