Naira Rise to N1,715/$ in parallel market

Naira Shows Mixed Performance Against Dollar in Parallel and Official Markets

In recent trading sessions, the Naira demonstrated varied performance against the US dollar. As of yesterday, the Naira appreciated to N1,715 per dollar in the parallel market, a rise from N1,725 per dollar recorded last weekend. This increase reflects a temporary boost in the unofficial trading segment.

Conversely, in the Nigerian Autonomous Foreign Exchange Market (NAFEM), the Naira experienced a decline, settling at N1,603.16 per dollar—down from N1,600.78 per dollar the previous Friday, marking a depreciation of N2.38.

Data from the Financial Market Dealers Quotations (FMDQ) suggested a robust activity in the official market, with the volume of dollars traded rising by 2.4% to $359.22 million, up from $350.72 million in the prior weekend.

As a result of these developments, the gap between the parallel market rate and the NAFEM rate has narrowed, now standing at N111.84 per dollar compared to N124.22 per dollar last week. This shift highlights the ongoing fluctuations in Nigeria’s foreign exchange landscape.