Naira Maintains ₦1,535/$ Rate In Parallel Market

Naira Maintains ₦1,535/$ Rate In Parallel Market

The Naira maintained its position at ₦1,535 per dollar in the parallel market yesterday, showcasing a surprising stability amidst broader market volatility.

In contrast, the Nigerian Autonomous Foreign Exchange Market (NAFEM) witnessed a depreciation of the ₦aira, slipping to ₦1,532.58 per dollar.

According to FMDQ data, the indicative exchange rate for NAFEM rose from ₦1,523.85 per dollar on Monday, representing a ₦8.73 depreciation for the ₦aira.

Interestingly, the market experienced a significant surge in trading volume, with turnover climbing by 41 percent to $188.19 million from Monday’s $133.46 million. This uptick in trading activity highlights a heightened demand and supply dynamic within the market.

The increased activity had a notable impact on the exchange rate margin between the parallel market and NAFEM, narrowing the gap to ₦2.42 per dollar from the previous ₦11.15 per dollar on Monday.

This contraction suggests a convergence trend, reflecting changing market perceptions and strategies among traders and investors.

Recommended For You

About the Author: Gists9ja

Leave a Reply

Your email address will not be published. Required fields are marked *