Fatshimetrie reveals the latest fluctuations in the exchange rate between the Naira and the Nigerian dollar. On Friday, the Naira depreciated to N1,725 per dollar on the parallel market, down from N1,710 reached the previous Thursday.
Nevertheless, on a positive note, the Naira appreciated to N1,600.78 per dollar on the Nigerian Autonomous Foreign Exchange Market (NAFEM). Data from FMDQ indicates that the indicative exchange rate for the NAFEM rose to N1,600.78 per dollar from N1,660.49 on Thursday, representing an appreciation of N59.71 for the local currency.
The volume of dollars traded (turnover) in the official market increased by 6.2% to $350.72 million, compared to $330.18 million the previous Thursday.
This trend shows a significant difference between the parallel market and the official NAFEM rate. This difference between the two markets can have several implications on the Nigerian economy, particularly in terms of monetary stability, competitiveness of exported and imported products, and ultimately on the purchasing power of citizens.
It is essential to closely monitor the evolution of the value of the Naira against the dollar in order to understand market trends and anticipate possible repercussions on the economy. Financial authorities and economic stakeholders must remain vigilant and take appropriate measures to ensure the stability of the exchange rate and support Nigeria’s economic growth.