Economy
Naira Appreciates in Parallel Market, Faces Decline in Official Market
The Naira experienced mixed fortunes in the foreign exchange markets yesterday. In the parallel market, the Naira appreciated, reaching N1,565 per dollar, an improvement from N1,585 per dollar recorded last Friday. Conversely, in the Nigerian Autonomous Foreign Exchange Market (NAFEM), the Naira depreciated, dropping to N1,548.76 per dollar.
Data from FMDQ revealed a significant shift in the indicative exchange rate for NAFEM, rising from N1,500.32 per dollar on Monday to N1,548.76 per dollar. This change marks a depreciation of N48.44 for the Naira. Additionally, the turnover in the market saw a notable increase of 11.04 percent, with $280.92 million traded compared to $269.88 million on Monday.
As a result of these fluctuations, the margin between the parallel market rate and the NAFEM rate narrowed considerably, reducing from N84.64 per dollar on Monday to N16.08 per dollar.