The Naira strengthened to N1,725 per dollar in the parallel market on Thursday, appreciating from the previous day’s rate of N1,730 per dollar. This shift suggests some stabilization as demand and supply factors influence the currency’s performance in unofficial trading channels.
Additionally, gains were noted in the Nigerian Autonomous Foreign Exchange Market (NAFEM), where the Naira appreciated to N1,639.5 per dollar. This figure marks a noticeable improvement from the NAFEM rate of N1,681.65 per dollar observed on Wednesday, reflecting an appreciation of N42.15. The increase demonstrates the Naira’s ability to recover ground in official channels as well.
According to data from the Financial Market Dealers Quote (FMDQ), the trading volume in the official market surged by 24%, reaching $244.96 million. This represents an increase from Wednesday’s trading volume of $196.78 million, highlighting a higher demand and more robust dollar turnover.
However, this dual improvement widened the margin between the parallel and NAFEM rates. The difference grew from N48.35 on Wednesday to N85.5 on Thursday, showing the continued impact of discrepancies between the two markets despite recent gains for the Naira.
