Business
Naira Weakens in Parallel Market, Gains in Official Trade
The Naira weakened to N1,585 per dollar in the parallel market on Tuesday, marking a depreciation from N1,550 recorded on Monday. However, in a contrasting trend, the local currency appreciated to N1,525 per dollar in the official foreign exchange market, signaling a positive movement in regulated trading.
According to the Central Bank of Nigeria’s (CBN) Daily Nigerian Foreign Exchange Market (NFEM) report, the indicative exchange rate for the naira strengthened by N13, moving from N1,538 per dollar on Monday to N1,525.
Meanwhile, activity in the Nigerian Autonomous Foreign Exchange Market (NAFEM) surged significantly. Data from FMDQ revealed a 129% increase in dollar turnover, which climbed to $401.17 million on Tuesday, compared to $175.15 million traded the previous day.
Despite this boost in official market activity, the gap between the parallel market rate and the NFEM rate widened sharply. The margin grew to N60 per dollar, a significant leap from the N12 differential recorded on Monday.
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