October 22, 2024
By Chinwendu Eugene
The Nigerian naira experienced mixed fortunes yesterday, appreciating in the parallel market while depreciating in the Nigerian Autonomous Foreign Exchange Market (NAFEM).
In the parallel market, the naira gained strength, rising to N1,715 per dollar from N1,725 per dollar last weekend.
However, in NAFEM, the naira depreciated to N1,603.16 per dollar, down from N1,600.78 per dollar last Friday, according to data from FMDQ. This represents a N2.38 decline.
The volume of dollars traded in the official market increased by 2.4% to $359.22 million, up from $350.72 million traded last weekend.
As a result, the margin between the parallel market and NAFEM rates narrowed to N111.84 per dollar from N124.22 per dollar last Friday.
Key Highlights:
- Parallel market rate: N1,715/USD (up from N1,725/USD)
- NAFEM rate: N1,603.16/USD (down from N1,600.78/USD)
- Dollar turnover: $359.22 million (up 2.4% from $350.72 million)
- Rate differential: N111.84/USD (narrowed from N124.22/USD)
