Naira Rises to N1,725/$ in parallel market

Naira Sees Mild Appreciation in Parallel Market; Stability in NAFEM Rates

In a recent shift, the Nigerian Naira appreciated slightly in the parallel market, rising to N1,725 per dollar on Tuesday, up from N1,730 per dollar observed on Monday.

Conversely, the Naira remains stable at N1,672.69 per dollar within the Nigerian Autonomous Foreign Exchange Market (NAFEM), indicating a consistent performance in that segment of the foreign exchange market.

Data sourced from FMDQ revealed that the indicative exchange rate for the Naira has remained relatively unchanged since Monday. Notably, the turnover of dollars traded has seen a decline of 18.2%, dropping to $207.86 million from the $254.1 million recorded the previous day.

As a result of these developments, the gap between the parallel market rate and the NAFEM rate has decreased to N52.31 per dollar from N57.31 per dollar as of Monday. This narrowing margin indicates dynamic adjustments in the forex markets as traders respond to current economic conditions.