The Naira strengthens against the dollar in the parallel market, offering relief to Nigeria’s currency amid economic pressures.
As of Monday, the Naira strengthened to N1,725 per dollar in the parallel market, marking a significant improvement from last Friday’s rate of N1,735 per dollar.
Nonetheless, the currency experienced depreciation in the Nigerian Autonomous Foreign Exchange Market (NAFEM), dropping to N1,676.9 per dollar compared to N1,666.72 per dollar the previous weekend. This represents a decline of N10.18 for the naira in the market.
According to FMDQ, the volume of dollars traded in the official market experienced a significant decline, dropping by 15.6 percent to $79.47 million from $94.2 million in the previous week.
Due to these fluctuations, the gap between the parallel market rate and the NAFEM rate has decreased to N48.1 per dollar from N68.28 per dollar at the end of last week.
These developments underscore the persistent volatility in Nigeria’s foreign exchange markets and the challenges confronting the Naira amidst economic pressures.
Peoplesmind
