The Naira saw a notable appreciation in the parallel market, improving to N1,565 per dollar yesterday from N1,585 per dollar last Friday. However, it experienced a depreciation in the Nigerian Autonomous Foreign Exchange Market (NAFEM), falling to N1,548.76 per dollar.
According to data from FMDQ, the indicative exchange rate for NAFEM increased to N1,548.76 per dollar from N1,500.32 per dollar on Monday, marking a N48.44 depreciation for the Naira. Meanwhile, the volume of dollars traded in the market saw an 11.04% increase, rising to $280.92 million from $269.88 million on Monday.
This change led to the margin between the parallel market rate and the NAFEM rate narrowing significantly to N16.08 per dollar from N84.64 per dollar on Monday.
Vice President Shettima expressed confidence in the Naira's continued strengthening, highlighting ongoing efforts to stabilize the currency and improve Nigeria's foreign exchange market.
0 Comments