In a notable financial development, the Nigerian naira recorded a substantial gain in the Nigerian Foreign Exchange Market (NAFEM), appreciating to N874.79 per dollar.
This represents a 19 percent increase from its previous rate of N1,082.32 per dollar on Wednesday, as reported by Elizabeth Adegbesan.
According to data from FMDQ, the indicative exchange rate for NAFEM experienced an appreciation of N207.53, marking a significant uplift for the naira.
The day’s trading saw the intraday high reach N1,264.96 per dollar and a low of N475 per dollar, resulting in a wide margin of N789.96 per dollar.
The volume of dollars traded in the NAFEM was substantial, amounting to $110.41 million.
In a similar trend, the naira also showed an upward trajectory in the parallel market, appreciating to N1,240 per dollar from N1,250 per dollar on Wednesday.
This improvement, however, has led to a widening gap between the official NAFEM rate and the parallel market rate, which now stands at a difference of N365.21 per dollar, compared to N167.68 per dollar on the previous day.
The recent movements in the exchange rates highlight the dynamic nature of Nigeria’s foreign exchange market, with significant implications for the economy.
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The naira’s performance in NAFEM and the parallel market continues to be a key indicator of the country’s economic health and a point of interest for businesses, investors, and policymakers.