Breaking: Naira Rises, But Dollar Supply Dwindles 44%
Eagle’s Sight News reports that Nigeria’s Naira saw a remarkable surge in value yesterday, jumping N10 against the US dollar in the parallel market to settle at N1,680 per dollar.
This significant appreciation marks a notable improvement from the previous weekend’s rate of N1,690 per dollar.
In the Nigerian Autonomous Foreign Exchange Market (NAFEM), the Naira also demonstrated strength, reaching N1,552.92 per dollar.
Data from FMDQ reveals this represents an N88.35 gain from the previous weekend’s rate of N1,641.27 per dollar.
Although the official market saw a substantial 44% drop in dollar trades to $343.71 million from $616.73 million last Friday, the disparity between parallel market and NAFEM rates widened to N127.08 per dollar, up from N48.73 per dollar last weekend.