Naira Displays Mixed Performance: Appreciates Officially, Depreciates on Parallel Market

In a dynamic day for currency markets, the Nigerian naira experienced contrasting fortunes, appreciating at the official window while simultaneously depreciating on the parallel market.

At the parallel section of the foreign exchange (FX) market, the naira experienced a decline, reaching N1,550 against the dollar on Wednesday. This marks a significant drop of 1.95 percent from the N1,520/$ rate reported just two days prior.

Street traders in Lagos quoted the buying rate of the naira at N1,510/$, with a selling rate of N1,550/$, offering a profit margin of N40.

However, at the official window overseen by FMDQ Exchange, the naira showcased resilience, appreciating by 4.21 percent against the dollar. It climbed from N1,520.4/$ on May 14 to close at N1,459.02 on Wednesday.

During trading hours, FMDQ Exchange reported a high selling rate of N1,593 and a low of N1,401 for the dollar.

The day’s foreign exchange turnover totaled $289.14 million, indicating active trading amidst the currency fluctuations.