News
Naira Appreciates, But Dollar Turnover Drops 44%
Nigeria’s currency, the Naira, experienced a significant appreciation yesterday, gaining N10 against the US dollar in the parallel market to trade at N1,680 per dollar.
This marks a notable improvement from last weekend’s rate of N1,690 per dollar.
In the Nigerian Autonomous Foreign Exchange Market (NAFEM), the Naira also strengthened, reaching N1,552.92 per dollar.
According to data from FMDQ, this represents an N88.35 appreciation from last weekend’s rate of N1,641.27 per dollar.
However, the volume of dollars traded in the official market declined substantially, dropping 44% to $343.71 million from $616.73 million traded last Friday.
The disparity between the parallel market and NAFEM rates widened to N127.08 per dollar, up from N48.73 per dollar last weekend.
