Naira Rises to N1,740/$ in parallel market

Naira Sees Positive Movement Against the Dollar in Parallel and NAFEM Markets

In an encouraging development for the Nigerian economy, the Naira strengthened against the US dollar in the parallel market, climbing to N1,740 per dollar from N1,745 per dollar observed on Wednesday.

Similarly, the currency recorded gains in the Nigerian Autonomous Foreign Exchange Market (NAFEM), appreciating to N1,644.86 per dollar, a notable change from the previous rate of N1,660.83 per dollar. This reflects a N15.97 increase in value for the Naira, as reported by FMDQ.

Additionally, trading volumes demonstrated significant activity, with dollar turnover rising by 66 percent to $560.34 million, compared to $337.07 million on Wednesday. This surge in trading contributed to the expansion of the gap between the rates in the parallel market and NAFEM, which widened to N95.14 per dollar from the previous margin of N84.17 per dollar.

As these developments unfold, traders and economists will be closely monitoring the Naira’s performance and its implications for the broader economy.