The Naira strengthened on Tuesday appreciating to N1,700 per dollar in the parallel market, an improvement from Monday’s rate of N1,705 per dollar.
However, in the Nigerian Autonomous Foreign Exchange Market the currency saw a slight depreciation, settling at N1,669.15 per dollar.
According to data from FMDQ, the indicative exchange rate for NAFEM recorded a drop to N1,669.15 per dollar, down from the N1,541.94 per dollar registered on Monday. This marked a N127.2 decline in the Naira’s value.
Additionally, dollar turnover in the official market experienced a slight drop, falling by 2.97 percent from $181.86 million traded on Monday to $176.45 million on Tuesday.
Despite these shifts, the gap between the parallel market and NAFEM rates notably narrowed, with the difference now at N30.85 per dollar, a significant reduction from the N163.06 per dollar margin observed earlier in the week.
This dynamic in exchange rates reflects ongoing fluctuations in Nigeria’s foreign exchange market, as the country continues to grapple with the pressures of currency demand and supply amidst evolving economic conditions.
(PUNCH Metro)
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