The Nigerian Naira made a slight gain in value against the U.S. dollar on Tuesday, reaching N1,720 per dollar in the parallel market, a small improvement from Monday’s rate of N1,725 per dollar. This slight rise indicates a hopeful shift as Nigeria’s currency faces ongoing fluctuations.
In the Nigerian Autonomous Foreign Exchange Market (NAFEM), the Naira also showed appreciation. Data from the Financial Market Dealers Quotations (FMDQ) revealed that the indicative exchange rate at NAFEM dropped to N1,671.32 per dollar on Tuesday, compared to Monday’s rate of N1,676.9 per dollar. This indicates an increase in value by N5.58 for the Naira in the official market.
The trading volume for the dollar in the official market also saw a significant increase. The turnover rose by 124.4 percent, reaching $218.77 million, a substantial jump from Monday’s total of $79.47 million. This increase suggests heightened trading activity and possibly a higher demand for the Naira.
Meanwhile, the gap between the NAFEM rate and the parallel market rate widened slightly, standing at N48.68 per dollar on Tuesday, up from Monday’s difference of N48.1 per dollar.
