Fatshimetrie: In-depth analysis of the Naira exchange rate against the dollar
The fluctuation of exchange rates is a constant concern for many economic observers and financial market players. Today, let us discuss the recent evolution of the Naira against the dollar, and its impact on the Nigerian economy.
According to the most recent data from Fatshimetrie, the Naira has appreciated against the dollar on the parallel market, moving from N1,650 to N1,640 per dollar. This small increase, although modest, reflects a slightly favorable trend for the Nigerian currency.
On the other hand, on the Nigerian Autonomous Foreign Exchange Market (NAFEM), the exchange rate stood at N1,541.52 per dollar. A slight decrease from the previous day, indicating a minimal appreciation of the Naira. This positive trend is an encouraging sign for the Nigerian economy.
Foreign exchange trading in the official market also recorded a significant increase, with the volume of transactions increasing by 117.7% to $190.57 million. This increase in activity in the foreign exchange market shows the growing interest of investors in the Nigerian currency.
Comparing the exchange rate between the parallel market and the NAFEM, the gap has narrowed to N98.48 per dollar. This convergence of exchange rates is a sign of stability in the foreign exchange market, which is essential to foster a healthy and predictable economic environment.
In conclusion, the recent appreciation of the Naira against the dollar is a positive sign for the Nigerian economy. However, it is important to remain vigilant in the face of fluctuations in the foreign exchange market and implement effective economic policies to strengthen the Naira’s position internationally.
Fatshimetrie will remain attentive to the evolution of the exchange rate and continue to provide in-depth analyses to help economic actors make informed decisions.