Naira Appreciates to N1,680/$ in Parallel Market, Gains N88.35 in NAFEM*

 

*Naira Appreciates to N1,680/$ in Parallel Market, Gains N88.35 in NAFEM*

The Nigerian Naira has made a significant comeback, appreciating to N1,680 per dollar in the parallel market, up from N1,690 per dollar last weekend ¹. Similarly, in the Nigerian Autonomous Foreign Exchange Market (NAFEM), the Naira gained N88.35 to trade at N1,552.92 per dollar, compared to N1,641.27 per dollar last weekend ¹.

According to data from FMDQ, the indicative exchange rate for NAFEM fell to N1,552.92 per dollar, indicating a substantial appreciation for the Naira ¹. However, the volume of dollars traded in the official market declined by 44% to $343.71 million, down from $616.73 million traded last Friday ¹.

This development has widened the margin between the parallel market and NAFEM rate to N127.08 per dollar, up from N48.73 per dollar last weekend ¹.

Sources:

- Vanguard News ¹

- TheCitizen ¹