Politics
Parallel Market: Naira Gains Strength, Rises Against Dollar On November 8, 2024
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Yesterday, the Naira strengthened to N1,725 per dollar in the parallel market, improving from N1,730 per dollar on Wednesday. Similarly, in the Nigerian Autonomous Foreign Exchange Market (NAFEM), the Naira appreciated to N1,639.5 per dollar.
Data from FMDQ indicated that NAFEM’s indicative exchange rate dropped to N1,639.5 per dollar from N1,681.65 per dollar on Wednesday, marking a gain of N42.15 for the Naira. The official market saw a 24% increase in traded volume, with $244.96 million exchanged, up from Wednesday’s $196.78 million.
As a result, the rate gap between the parallel market and NAFEM widened to N85.5 per dollar from Wednesday’s N48.35 per dollar.
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