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Naira Exchange Rates: Parallel Market Sees Improvement, Official Market Dips

The Naira demonstrated resilience in the parallel market by appreciating to N1,245 per dollar on Friday, marking a positive shift from N1,250 per dollar the previous day. Meanwhile, the official market witnessed a decline, with the Naira slipping to N1,534 per dollar.

 

Data sourced from FMDQ revealed that within the Nigerian Foreign Exchange Market (NAFEM), the Naira saw an upward trend to N1,251.05 per dollar, showcasing a notable appreciation compared to the previous day’s rate of N1,255.07 per dollar. This translates to a gain of N4.02 for the local currency.

 

Throughout the trading day, the market experienced fluctuations, with the Naira reaching a peak of N1,281 per dollar and dipping to an intraday low of N1,220 per dollar, resulting in a margin of N61.

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The volume of dollar transactions surged significantly, witnessing a notable 78.6 percent increase to $248.27 million from the $138.99 million recorded on Thursday.

 

As a consequence, the gap between the parallel market and NAFEM rates widened to N6.05 per dollar, up from N5.07 per dollar observed on the previous day.

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