Naira Boosts Value Even As Dollar Turnover Sees 44% Drop

Naira Boosts Value Even As Dollar Turnover Sees 44% DropNigeria’s currency, the Naira, saw a notable appreciation yesterday, gaining N10 against the US dollar in the parallel market, where it now trades at N1,680 per dollar. This improvement comes from last weekend’s rate of N1,690 per dollar, according to Naija News.

In the Nigerian Autonomous Foreign Exchange Market (NAFEM), the Naira also strengthened, reaching N1,552.92 per dollar—an increase of N88.35 from last weekend’s rate of N1,641.27 per dollar, as reported by FMDQ.

However, the official market experienced a significant decline in dollar trading volume, plummeting 44% to $343.71 million, down from $616.73 million last Friday. The gap between parallel market and NAFEM rates has widened to N127.08 per dollar, compared to N48.73 per dollar last weekend.

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