Naira Experiences Uprise, Reaches N1,485 Against Dollar In Parallel Exchange

Naira Falls Further Against US Dollar in Official Markets
Naira Falls Further Against US Dollar in Official Markets

The Naira exhibited a positive trend in the parallel market yesterday, achieving a valuation of N1,485 to the dollar, a slight improvement from the previous rate of N1,490 to the dollar. In the Nigerian Autonomous Foreign Exchange Market (NAFEM), the national currency showed even more strength, hitting N1,473.66 per dollar.

FMDQ data indicated that the indicative exchange rate for NAFEM experienced a decrease to N1,473.66 per dollar from the earlier rate of N1,483.62 per dollar on Monday, marking a gain of N9.96 for the Naira. Furthermore, there was a 138.6% surge in the volume of dollar transactions on NAFEM, reaching a figure of $385.91 million compared to Monday’s trading volume of $161.69 million.

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In the context of Nigeria’s ongoing economic concerns, the difference between the parallel market rate and the NAFEM rate has expanded to N11.34 per dollar, in contrast to the N6.38 per dollar gap reported on Monday.

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