![At least 40 dead in Moscow concert hall attack, Ukraine Denies Involvement Rivers Assembly Overrides Fubara, Enacts New Law Breaking: Former Community Youth Leader, Four Others Shut Dead in Egbema, Imo State [VIDEO] Tragic Incident in Enugu: Mother of Three Commits Suicide After Abandoning Children at Police Station BREAKING: Three-storey building collapses as Ebute Metta, Lagos Akwa Ibom pastor Solid Rock Church, Apostle John Okoriko abia uturu student gunmen Asuu suspends strike bonny lga chairman Hon. David Rogers Irimagha Another Kidnapped Victim, Suleiman Sabo rescued by Police In Abuja](https://reportafrique.com/wp-content/uploads/2020/12/report-afrique-breaking-news-110x110.jpg "Breaking: Petrol Price Soars Again As Fg Announces Fresh Hike")
Naira Experiences Fluctuations as Parallel Market and NAFEM Rates Diverge
Abuja – Nigerian Naira depreciated in the parallel market, falling to N1,685 per dollar on Tuesday, down from N1,660 per dollar the previous day. This decline highlights the ongoing volatility in Nigeria’s currency valuation.
In contrast, the Naira gained strength in the Nigerian Autonomous Foreign Exchange Market (NAFEM), where it appreciated to N1,561.76 per dollar, compared to N1,635.15 per dollar on Monday. This represents an increase of N73.39 for the Naira, showcasing a significant rebound in this segment of the market.
According to data from FMDQ, the trading volume in the official market surged by an impressive 100.9%, reaching $253.68 million from $126.24 million on Monday. This uptick in trading activity reflects heightened interest and participation in the foreign exchange market.
As a result of these fluctuations, the disparity between the parallel market rate and the NAFEM rate expanded significantly, increasing to N123.24 per dollar from the previous margin of N24.85 per dollar noted on Monday. This development underscores the complexities and challenges facing the Nigerian currency as it navigates through varied market pressures.
Join our Channel...