- Naira depreciates to N1,739/$ in parallel market.
- Naira appreciates to N1,601.2/$ in NAFEM.
- NAFEM rate drops by N52.89.
- Dollar turnover in official market increases by 69% to $230.99 million.
- Parallel market-NAFEM rate gap widens to N137.8/$.
The Naira experienced mixed fortunes yesterday, depreciating in the parallel market while appreciating in the Nigerian Autonomous Foreign Exchange Market (NAFEM).
In the parallel market, the Naira fell to N1,739 per dollar, a decline from N1,735 per dollar on Wednesday. However, in NAFEM, the Naira strengthened to N1,601.2 per dollar, representing a N52.89 appreciation from N1,654.09 per dollar on Wednesday.
According to data from FMDQ, the volume of dollars traded in the official market surged by 69% to $230.99 million, up from $136.68 million traded on Wednesday.
Despite the appreciation in NAFEM, the gap between the parallel market and NAFEM rates widened to N137.8 per dollar, compared to N80.91 per dollar on Wednesday. This suggests that the Naira’s value varies significantly across different markets.
