Today, Tuesday, the Naira showed signs of appreciation against the dollar in both the parallel market and the Nigerian Autonomous Foreign Exchange Market (NAFEM).
In the parallel market, the Naira strengthened to N1,270 per dollar, up from N1,290 per dollar reported last week Thursday. Similarly, in the NAFEM, the Naira appreciated to N1,278.58 per dollar, compared to N1,309.39 per dollar recorded last week Thursday.
Data from FMDQ indicated a significant appreciation of N30.81 for the Naira in the NAFEM. As a result, the margin between the parallel market rate and NAFEM narrowed to N8.58 per dollar from N19.39 per dollar reported last week Thursday.This positive movement in the exchange rate suggests improved stability for the Naira against the dollar, providing some relief amid ongoing economic challenges.
Source: Vanguard