Naira Appreciates, But Dollar Turnover Drops 44%

Nigeria’s currency, the Naira, experienced a significant appreciation yesterday, gaining ₦10 against the US dollar in the parallel market to trade at ₦1,680 per dollar.

Naija News reports that this marks a notable improvement from last weekend’s rate of ₦1,690 per dollar.

In the Nigerian Autonomous Foreign Exchange Market (NAFEM), the Naira also strengthened, reaching ₦1,552.92 per dollar.

According to data from FMDQ, this represents an ₦88.35 appreciation from last weekend’s rate of ₦1,641.27 per dollar.

However, the volume of dollars traded in the official market declined substantially, dropping 44% to $343.71 million from $616.73 million traded last Friday.

The disparity between the parallel market and NAFEM rates widened to ₦127.08 per dollar, up from ₦48.73 per dollar last weekend.