JUST IN: Naira Gains Strength To N1,475 Per Dollar in Nigeria’s Parallel Market

Naira Faces Further Decline at Official and Parallel Markets
Naira Faces Further Decline at Official and Parallel Markets

The Nigerian currency, the Naira, experienced a notable uprise in value against the US Dollar within the parallel market yesterday, climbing to N1,475 per Dollar, a slight appreciation from the N1,480 per Dollar rate seen over the weekend.

The improvement was also felt in the Nigerian Autonomous Foreign Exchange Market (NAFEM), where the Naira rose to N1,468.99 against the Dollar.

New data sourced from FMDQ showed the indicative exchange rate in NAFEM fell to N1,468.99 per Dollar, a meaningful drop from last Friday’s N1,497.33 per Dollar rate, signifying an encouraging gain of N28.34.

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This development resulted in a narrowed gap between the rates in the parallel market and NAFEM, coming down to a margin of N6.01 per Dollar, compared to the N10.33 per Dollar disparity that was recorded over the past weekend.

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