Naira To Dollar Falls In Parallel Market, Appreciates In NAFEM

In the latest forex news, the Nigerian naira witnessed a decline, reaching N1,395 per dollar in the parallel market, as reported by Vanguard.

This represents a decrease from the value of N1,365 per dollar recorded on Friday.

In contrast, the Nigerian Foreign Exchange Market (NAFEM) saw the naira appreciate N1,400.4 per dollar.

Data from FMDQ showed a significant improvement, with the indicative exchange rate for NAFEM falling to N1,400.4 per dollar from N1,402.67 the previous day.

This represents a significant appreciation of N2.27 for the naira.

Despite the positive movement in NAFEM, the market’s dollar volume (turnover) fell 13.3 per cent to $201.88 million, down from $232.84 million the day before.

As a result, the margin between the parallel market and NAFEM rates fell significantly to N5.4 per dollar, down from N37.67 per dollar on Thursday.

The forex market’s fluctuations continue to reflect Nigeria’s dynamic economic conditions and the various factors that influence currency trading.

As market participants monitor these developments, stakeholders remain concerned about the potential impact on trade and investment activities.