Naira Strengthens in Parallel Market, Weakens in Official Market as FX Turnover Drops

Date:

The Naira appreciated yesterday in the parallel market, climbing to N1,725 per dollar from last Friday’s rate of N1,735.

However, in the Nigerian Autonomous Foreign Exchange Market (NAFEM), the currency saw a decline, depreciating to N1,676.9 per dollar from N1,666.72 last weekend, representing a N10.18 drop.

According to data from FMDQ, the turnover in the official FX market also experienced a decrease, with dollar trading volume falling by 15.6 percent to $79.47 million, down from $94.2 million recorded last Friday.

As a result, the margin between the parallel market rate and the NAFEM rate narrowed, with the difference closing at N48.1 per dollar compared to last weekend’s N68.28 per dollar.

RECOMMENDED

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Share post:

Subscribe

spot_img

Popular

More like this
Related

Oshiomhole Opposed Son’s Appointment as Edo Health Commissioner – Deputy Governor

Edo State Deputy Governor, Dennis Idahosa, has disclosed that...

Davido Announces ₦300 Million Donation to Orphanages, Anti-Drug Campaigns Ahead of 32nd Birthday

Singer continues tradition of birthday philanthropy. Fans laud...

FG Proposes N47.9 Trillion Budget for 2025, Projects 6.4% GDP Growth

The Nigerian government has proposed a N47.9...

Wike Approves ₦70,000 Minimum Wage For FCT

Federal Capital Territory (FCT) Minister, Nyesom Wike, has approved...

Court Sets January Hearing for Defamation Case Between Falana Family and VeryDarkMan

...Court orders activist to remove alleged defamatory content pending...

Benue Gov Alia Approves ₦75,000 Minimum Wage for Workers

State to commence arrears payment from November. Governor...

NNPC Seals Major Gas Supply Deal with Dangote Refinery

  Agreement provides 100 million cubic feet of gas...

Deji Adeyanju Accuses Wike of Land Grabbing, Authoritarianism

"Bulldozing Homes Criminalizes Poverty," Adeyanju Declares Activist Warns...

FRSC Urges Patience, Attitudinal Change to Prevent Road Crashes

Ondo Sector Commander emphasizes safety during “Ember Months” ...

Supreme Court Rejects Challenge to Legality of EFCC and Other Anti-Corruption Agencies

The Supreme Court has dismissed a lawsuit challenging the...