Business
Naira Gains Ground Against Dollar as Market Activity Surges
The Naira appreciated yesterday in the parallel market, strengthening to N1,720 per dollar from Monday’s rate of N1,725 per dollar. This positive shift reflects a modest yet encouraging uptick for the Nigerian currency amid persistent volatility.
In the Nigerian Autonomous Foreign Exchange Market (NAFEM), the Naira also improved, closing at N1,671.32 per dollar, up from N1,676.9 per dollar on Monday. This represents a gain of N5.58 for the Naira, highlighting some stabilization in the country’s foreign exchange landscape.
Meanwhile, data from FMDQ indicates that the volume of dollars traded in the official market surged by 124.4 percent. Total turnover jumped from $79.47 million on Monday to $218.77 million yesterday, suggesting a sharp increase in market activity and dollar availability.
However, the spread between the parallel market and the NAFEM rate has widened slightly, reaching N48.68 per dollar compared to Monday’s margin of N48.1 per dollar. This gap continues to reflect the challenges and disparities within Nigeria’s currency markets.
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