The Naira’s been on a rollercoaster ride lately. Yesterday, it appreciated to N1,700 per dollar in the parallel market, a slight improvement from Monday’s N1,705 per dollar. However, in the Nigerian Autonomous Foreign Exchange Market (NAFEM), the Naira depreciated to N1,669.15 per dollar.
Data from FMDQ showed that the indicative exchange rate for NAFEM fell to N1,669.15 per dollar from N1,541.94 per dollar on Monday, indicating N127.2 appreciation for the Naira.
The Naira’s been experiencing some fluctuations lately. On Wednesday, the volume of dollars traded in the official market decreased by 2.97% to $176.45 million, down from $181.86 million on Monday. This drop in turnover led to a narrowing of the margin between the parallel market and NAFEM rate to N30.85 per dollar, significantly lower than Monday’s N163.06 per dollar .
