Business
Naira Strengthens to N1,730/$ in Parallel Market, Margins Narrow with Official Rates
The Naira has appreciated in the parallel market yesterday, trading at N1,730 per dollar, up from N1,740 per dollar on Wednesday. This movement reflects a strengthening of the Naira by N10 against the dollar in unofficial trading.
Conversely, in the Nigerian Autonomous Foreign Exchange Market (NAFEM), the Naira saw a slight depreciation. The official indicative exchange rate slipped to N1,650.2 per dollar from N1,645.4 the day before, marking a N4.8 decline according to data from FMDQ Securities Exchange.
Additionally, dollar trading volumes in the foreign exchange market showed a decrease. The volume of dollars traded dropped by 9.33%, with turnover falling to $214.73 million from Wednesday’s $236.84 million. This dip in trading volumes comes as currency volatility continues to impact the market.
With these movements, the gap between the parallel market and NAFEM rates has narrowed. The difference between the two rates closed at N79.8 per dollar, compared to N94.6 per dollar on Wednesday.
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