The Naira Appreciates Against the Dollar in Parallel Market and NAFEM
As of at the close of the workday on Monday, October 14, the Naira saw a notable appreciation in value against the US dollar in the parallel market. The exchange rate improved to N1,680 per dollar, a positive shift from N1,690 per dollar over the weekend.
Similarly, the Naira also appreciated in the Nigerian Autonomous Foreign Exchange Market (NAFEM). According to data from FMDQ, the indicative exchange rate for NAFEM fell to N1,552.92 per dollar from N1,641.27 per dollar last weekend. This signifies a significant appreciation of N88.35 for the Naira.
However, this appreciation occurred against the backdrop of a decline in the volume of dollars traded in the official market. The turnover decreased by 44 percent, dropping to $343.71 million from the $616.73 million traded last Friday.
Stay tuned for more updates on currency exchange rates and their implications for the Nigerian economy.
