The Naira has appreciated in value, now selling at N1,695 per dollar in the parallel market . This is a significant improvement from its previous value.

• The Naira appreciated to N1,695 per dollar in the parallel market from N1,725 per dollar on Tuesday.

• The Naira remained stable at N1,672.69 per dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEM).

• The volume of dollars traded increased by 4.4% to $216.99 million.

• The margin between the parallel market and NAFEM rate narrowed to N22.31 per dollar.

• Reduced demand pressure due to the approaching festive season contributed to the Naira’s appreciation.

The Naira has shown some impressive appreciation, reaching N1,695 per dollar in the parallel market, up from N1,725 per dollar on Tuesday. Meanwhile, in the Nigerian Autonomous Foreign Exchange Market (NAFEM), the Naira remained stable at N1,672.69 per dollar ¹.

Interestingly, data from FMDQ revealed that the indicative exchange rate for the Naira has maintained stability since Monday, thanks to the commencement of live foreign exchange trade on Bloomberg BMatch System.

The volume of dollars traded also saw a 4.4% increase to $216.99 million, which helped narrow the margin between the parallel market and NAFEM rate to N22.31 per dollar.

According to Mr. Sanni Daudu, a black market trader, the reduced demand pressure due to the approaching festive season has contributed to the Naira’s appreciation. Many importers have already made their purchases, unsure of what the foreign exchange rate will be next year.