Economy
Naira Surges by 19% to N874.79/$ in NAFEM, Widening Gap with Parallel Market Rates
The Nigerian Foreign Exchange Market (NAFEM) witnessed a remarkable surge as the naira strengthened to N874.79 per dollar, marking a substantial 19% appreciation. Data sourced from FMDQ revealed a notable shift from Wednesday’s rate of N1,082.32 per dollar to the current level, reflecting an impressive gain of N207.53 for the national currency.
The intraday fluctuations showcased a high of N1,264.96 per dollar and a low of N475 per dollar, creating a margin of N789.96 per dollar. The total volume of dollars traded in NAFEM reached $110.41 million on the same day.
Simultaneously, the parallel market experienced an uptick, with the naira strengthening to N1,240 per dollar from the previous rate of N1,250 per dollar on Wednesday. This development further widened the gap between the official and parallel market exchange rates, reaching N365.21 per dollar yesterday compared to N167.68 per dollar on Wednesday.