Economy
Naira Strengthens, Reaches N1240/$ in Parallel Market
The Naira demonstrated resilience by appreciating to N1,240 per dollar in the parallel market, surpassing last Friday’s rate of N1,250 per dollar. Additionally, the official Nigerian Foreign Exchange Market (NAFEM) witnessed a similar uptrend, with the Naira strengthening to N888.35 per dollar, as reported by data from FMDQ.
According to FMDQ’s indicative exchange rate, the NAFEM rate experienced a notable decline from N889.86 per dollar last week Friday to N888.35 per dollar, marking a significant N1.51 appreciation for the national currency.
This positive shift has contributed to a reduction in the gap between the official and parallel market exchange rates. As of yesterday, the margin narrowed to N351.65 per dollar, a notable improvement from the N360.14 per dollar recorded last week Friday. This development underscores a positive momentum in the forex market and signals a strengthening position for the Naira against the dollar.
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