Naira Appreciates in Value

Yesterday, the Naira strengthened to N1,680 per dollar in the parallel market, up from N1,690 per dollar last weekend. In the Nigerian Autonomous Foreign Exchange Market (NAFEM), the Naira also appreciated to N1,552.92 per dollar, a significant drop from N1,641.27 per dollar the previous weekend, reflecting an improvement of N88.35.

However, the volume of dollars traded in the official market fell by 44 percent, dropping to $343.71 million from $616.73 million last Friday. As a result, the gap between the parallel market and NAFEM rates increased to N127.08 per dollar, up from N48.73 the prior weekend.

Source: Elizabeth Adegbesan