- The Naira depreciated to N1,585 per dollar in the parallel market.
- The Naira appreciated to N1,525 per dollar in the official foreign exchange market.
- The volume of dollars traded on the Nigerian Autonomous Foreign Exchange Market (NAFEM) rose by 129 percent to $401.17 million.
The Naira has experienced a mixed bag today, with its value depreciating to N1,585 per dollar in the parallel market, compared to N1,550 per dollar on Monday. In contrast, the Naira appreciated to N1,525 per dollar in the official foreign exchange market.
According to data from the Daily Nigerian Foreign Exchange Market (NFEM) published by the Central Bank of Nigeria (CBN), the indicative exchange rate for the Naira fell to N1,525 per dollar from N1,538 per dollar on Monday, indicating a N13 appreciation.
Additionally, data from FMDQ revealed that the volume of dollars traded on the Nigerian Autonomous Foreign Exchange Market (NAFEM) rose by 129 percent to $401.17 million from N175.15 million traded on Monday. As a result, the margin between the parallel market and NFEM rate widened to N60 per dollar from N12 per dollar on Monday.
