Naira Falls to N1,745/$ in parallel market

Naira Experiences Mixed Performance in Foreign Exchange Markets

In a fluctuating day on the foreign exchange front, the Naira saw depreciation within the parallel market, slipping to N1,745 per dollar on Thursday, compared to N1,740 per dollar the previous day.

Conversely, the Naira experienced an appreciation in the Nigerian Autonomous Foreign Exchange Market (NAFEM), where its value rose to N1,658.67 per dollar. This marks a significant increase from the previous indicative exchange rate of N1,687.52 per dollar reported on Wednesday, reflecting an appreciation of N28.85 for the Naira.

Trade data from the Financial Markets Dealers Quotations (FMDQ) revealed a decrease in dollar trading volume, dropping 5.5 percent to $163.66 million, down from $173.29 million traded on Wednesday.

As a result of these shifts, the gap between the exchange rates in the parallel market and NAFEM expanded, widening to N86.33 per dollar from the N52.48 per dollar difference noted on Wednesday.

This mixed performance underscores the volatility of the Naira in response to market dynamics.