N1,680: Naira gains against Dollar in parallel, official markets

The Naira appreciated yesterday, rising to N1,680 per dollar in the parallel market from N1,690 per dollar recorded last weekend.

Similarly, in the Nigerian Autonomous Foreign Exchange Market (NAFEM), the Naira strengthened to N1,552.92 per dollar.

Data from the FMDQ revealed that the indicative exchange rate in NAFEM dropped to N1,552.92 from last weekend’s N1,641.27 per dollar, marking an N88.35 gain for the Naira. However, dollar turnover in the official market decreased by 44%, with $343.71 million traded compared to the $616.73 million traded last Friday.

As a result, the exchange rate gap between the parallel market and NAFEM widened significantly to N127.08 per dollar from N48.73 per dollar over the weekend. This fluctuation continues to highlight the volatility of the currency market as the Naira faces pressures from economic challenges and foreign exchange scarcity.