Naira Appreciates to N1,060/$ in Parallel Market, Depreciates in NAFEM

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The Nigerian Naira demonstrated mixed performance in the foreign exchange markets on Thursday. The Naira strengthened against the US Dollar in the parallel market, appreciating to N1,060 per dollar from N1,105 per dollar recorded on Wednesday. Conversely, in the Nigerian Autonomous Foreign Exchange Market (NAFEM), the Naira depreciated to N1,154.08 per dollar, marking a significant decline.

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According to data from FMDQ, the indicative exchange rate for NAFEM rose sharply from N1,072.74 per dollar on Wednesday to N1,154.08 per dollar, reflecting an N81.34 depreciation in the Naira’s value against the dollar within a day.

The widening gap between the parallel market and NAFEM rates reached N94.08 per dollar, contrasting with the narrower margin of N32.26 per dollar observed the previous day.

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