The Naira experienced a slight appreciation in the parallel market yesterday, trading at N1,730 per dollar compared to N1,735 on Monday. This represents a small yet significant gain for the Nigerian currency amidst ongoing economic pressures.
In addition, the Naira also strengthened in the Nigerian Autonomous Foreign Exchange Market (NAFEM), closing at N1,678.93 per dollar. This marks an improvement from Monday’s rate of N1,690.37 per dollar, showing an N11.44 increase in value.
The data, sourced from the Financial Markets Dealers Quotations (FMDQ), highlights a growing gap between the parallel market and NAFEM exchange rates. As of yesterday, the difference widened to N51.07 per dollar, up from N44.63 on Monday.
Experts believe the fluctuations reflect both the challenges and opportunities within Nigeria’s foreign exchange system. The NAFEM, which provides a more regulated trading platform, continues to present lower exchange rates compared to the volatile parallel market.
