The Naira recorded an appreciable gain in the parallel market on Thursday, trading at N1,485 per dollar compared to N1,490 per dollar the previous day.
Simultaneously, in the Nigerian Autonomous Foreign Exchange Market (NAFEM), the Naira traded at N1,485.36 per dollar, reflecting a slight depreciation from the previous rate.
Data from the Financial Markets Dealers Quotations (FMDQ) indicated that the indicative exchange rate for NAFEM rose to N1,485.06 per dollar, up from N1,483.02 per dollar recorded on Wednesday, signifying a modest depreciation of N2.04 for the Naira.
The convergence between the parallel market and NAFEM rates also narrowed to 36 kobo per dollar, a significant reduction from the gap of N6.98 per dollar observed on Wednesday.
The fluctuation in the exchange rates comes amidst varying market dynamics and economic factors influencing currency movements in Nigeria.
The Central Bank of Nigeria (CBN) continues to monitor and manage the exchange rate to stabilize the Naira amidst challenges posed by inflation, foreign exchange reserves, and global economic conditions.
Analysts are observing these developments closely to gauge their impact on economic stability and investor confidence moving forward.
This recent adjustment in the Naira’s exchange rate underscores the ongoing efforts to manage currency volatility and maintain market equilibrium in Nigeria’s foreign exchange markets.
