BREAKING: Naira Experiences Depreciation in Parallel Market

The Naira has experienced a notable fluctuation in its exchange rate against the dollar.

As of yesterday, the Naira saw a depreciation in the parallel market, dropping from N1,100 to N1,105 per dollar. This movement highlights a slight weakening in its parallel market performance.

Contrastingly, the Naira has shown strength in the Nigerian Foreign Exchange Market (NAFEM), where it appreciated significantly. The indicative exchange rate for NAFEM improved from N1,148.14 to N1,072.74 per dollar. This substantial appreciation, by N75.4, signals a positive shift for the Naira in this market segment.

This divergence in market performance has also affected the spread between the parallel market and NAFEM rates. The gap has notably narrowed, moving from N48.14 to N32.26 per dollar within a single day.

This shift could have various implications for traders and businesses that rely on foreign exchange for their operations.