Economy
Naira Experiences Fluctuations in Forex Markets: Parallel Rate at 1510/
The Nigerian naira faced fluctuations in the foreign exchange landscape. On the parallel market, the naira saw a depreciation, sliding from N1,485 per dollar on Monday to N1,510 per dollar yesterday. Conversely, a contrasting trend was observed in the Nigerian Foreign Exchange Market (NAFEM), where the naira appreciated to N1,499.07 per dollar from its Monday rate of N1,534.39 per dollar.
According to data sourced from FMDQ, this marks a significant N35.32 appreciation for the naira in the NAFEM. Consequently, the disparity between the official and parallel market exchange rates has narrowed, now standing at N10.93 per dollar as of yesterday, compared to N49.39 per dollar on Monday.
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