The Naira experienced a marginal decline in the parallel market, exchanging at N1,355 to a dollar on Tuesday, January 23, a slight dip from the N1,350 recorded on Monday, January 22.
In contrast, the Naira demonstrated strength in the Nigerian Foreign Exchange Market (NAFEM), appreciating to N878.61 per dollar. Data sourced from FMDQ revealed a significant drop in the indicative exchange rate for NAFEM from N925.34 per dollar on Monday, marking a noteworthy N46.73 appreciation for the Naira.
Within the NAFEM, the intraday high rate reached N1336.05 per dollar, while the intraday low was N701 per dollar, reflecting a substantial margin of N635.05. Moreover, the volume of dollars traded on the NAFEM window experienced a 20% decrease, falling to $58.46 million from $73.33 million recorded on Monday. This dynamic underscores the varying trends in the parallel market and the official foreign exchange market, highlighting the currency’s complex movements in response to market forces.
