The naira saw a slight appreciation in the parallel market yesterday, rising to ₦1,715 per dollar from ₦1,725 per dollar over the weekend. This modest improvement reflects ongoing fluctuations in the parallel market, which often responds to immediate supply and demand pressures for foreign currency outside the official exchange systems.
In contrast, the naira depreciated in the Nigerian Autonomous Foreign Exchange Market (NAFEM), falling to ₦1,603.16 per dollar from ₦1,600.78 per dollar last Friday.
This ₦2.38 drop in the official market highlights the continued challenges Nigeria faces in maintaining currency stability.
The volume of dollars traded in NAFEM increased by 2.4%, with $359.22 million exchanged, compared to $350.72 million last weekend.
This uptick in turnover suggests that there is growing activity in the official market, possibly driven by the Central Bank of Nigeria’s interventions or increased demand from importers and other market participants.
As a result of these contrasting movements, the gap between the parallel market and NAFEM rates narrowed, reducing from ₦124.22 per dollar to ₦111.84 per dollar.
