Economy
Naira Gains in Black Market as Official Exchange Rate Declines
The Naira gained ground in the parallel market on Thursday, appreciating to N1,600 per dollar from the previous day’s rate of N1,615 per dollar.
In contrast, the Naira weakened in the Nigerian Autonomous Foreign Exchange Market (NAFEM), where it depreciated to N1,586.11 per dollar, according to data from FMDQ. This marks a significant drop from the N1,543.84 per dollar recorded on Wednesday, representing a N42.27 decline.
The volume of dollars traded in NAFEM also saw a sharp decrease, with turnover falling by 30 percent to $120.2 million, down from $171.79 million the previous day. As a result, the gap between the parallel market and NAFEM rates narrowed significantly to N13.89 per dollar, compared to N71.16 per dollar on Wednesday.
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