Naira Gains 19% To ₦874.79/$ In NAFEM

In a notable financial development, the Nigerian naira recorded a substantial gain in the Nigerian Foreign Exchange Market (NAFEM), appreciating to ₦874.79 per dollar.

This represents a 19 percent increase from its previous rate of ₦1,082.32 per dollar on Wednesday, as reported by Elizabeth Adegbesan.

According to data from FMDQ, the indicative exchange rate for NAFEM experienced an appreciation of ₦207.53, marking a significant uplift for the naira.

The day’s trading saw the intraday high reach ₦1,264.96 per dollar and a low of ₦475 per dollar, resulting in a wide margin of ₦789.96 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 ₦1,240 per dollar from ₦1,250 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 ₦365.21 per dollar, compared to ₦167.68 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.

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.