Naira Holds Steady at N1,167/$ in Parallel Market, Appreciates in NAFEM

In the latest market update, the Nigerian naira exhibited stability at N1,167 per dollar in the parallel market as of yesterday. However, a positive trend was observed in the Nigerian Foreign Exchange Market (NAFEM), where the naira appreciated to N831.47 per dollar.

According to data obtained from FMDQ, the indicative exchange rate for NAFEM recorded a notable decline, dropping from N881.88 per dollar on Tuesday to N831.47 per dollar. This marks a commendable N50.41 appreciation for the national currency.

The trading volume on the NAFEM platform witnessed an 18 percent increase, reaching $140.35 million compared to the $118.06 million recorded on Tuesday. Consequently, the gap between the official and parallel market exchange rates widened, with the rate standing at N335.53 per dollar yesterday, in contrast to N285.12 per dollar on Tuesday.

These developments highlight the nuanced dynamics at play in the foreign exchange landscape, with divergent trends between the parallel market and the official NAFEM platform. Investors and market participants are closely monitoring these fluctuations as they navigate the evolving currency landscape.