Naira slips to N1,585 in parallel market
By Anas Abbas
The Naira has declined in value within the parallel market, trading at N1,585 per dollar compared to N1,550 per dollar on Monday. In contrast, the official foreign exchange market reported an appreciation of the Naira, with rates improving to N1,525 per dollar, up from N1,538 per dollar earlier this week.
According to the latest data from the Central Bank of Nigeria (CBN) published in the Daily Nigerian Foreign Exchange Market (NFEM), the indicative exchange rate for the Naira has strengthened by N13, reflecting a notable shift in the official market.
Figures from FMDQ reveal a significant increase in dollar transactions on the Nigerian Autonomous Foreign Exchange Market (NAFEM). Trading volume surged by 129 per cent to $401.17 million, up from $175.15 million on Monday.
The surge has resulted in a widening gap between the parallel market and the NFEM rate, which has expanded to N60 per dollar from just N12 per dollar at the start of the week.