A Boost for the Naira: Nigeria’s Currency Sees Significant Appreciation
In a welcome development, the Nigerian currency, the Naira, appreciated by N10 against the US dollar in the parallel market yesterday, trading at a rate of N1,680 per dollar.
This marks an improvement from last weekend’s rate of N1,690 per dollar, according to reports from Naijawebinfo.
The Nigerian Autonomous Foreign Exchange Market (NAFEM) also saw the Naira strengthen, reaching a rate of N1,552.92 per dollar.
According to data from FMDQ, this represents an appreciation of N88.35 from last weekend’s rate of N1,641.27 per dollar, a notable milestone.
However, the volume of dollars traded in the official market took a hit, with a substantial 44% decline to $343.71 million, down from $616.73 million traded last Friday.
The gap between the parallel market and NAFEM rates widened, now standing at N127.08 per dollar, up from N48.73 per dollar last weekend.
