Yesterday, the Nigerian Naira experienced mixed fortunes in the foreign exchange markets, with contrasting movements observed in different segments.
In the parallel market, the Naira depreciated, reaching N1,495 per dollar compared to N1,470 per dollar recorded on Tuesday. This decline reflects increased demand for foreign currency in this unofficial trading platform.
On the other hand, in the Nigerian Autonomous Foreign Exchange Market (NAFEM), the Naira appreciated, strengthening to N1,462.59 per dollar. This improvement signifies a positive shift in the naira’s value within the regulated forex market.
Data sourced from the Financial Markets Dealers Quotations (FMDQ) revealed that the indicative exchange rate for NAFEM decreased from N1,465.68 per dollar on Tuesday to N1,462.59, indicating an appreciation of N3.09 for the Naira.
Due to these divergent trends, the margin between the parallel market and NAFEM rates widened significantly, reaching N33.59 per dollar. This disparity underscores the volatility and fragmentation within Nigeria’s foreign exchange landscape, highlighting the challenges businesses and individuals face in navigating currency transactions.
