The naira appreciated to ₦1,490/$ in the parallel market, while the official rate strengthened to ₦1,499.8/$. Experts link the gains to forex inflows and CBN policies. However, concerns persist over market stability. Nigerians react as the exchange rate gap widens to ₦9.8/$ amid ongoing economic shifts.
The Nigerian naira gained ground against the US dollar in the parallel market, trading at ₦1,490/$ on Wednesday, up from ₦1,502/$ the previous day. This appreciation reflects shifts in forex supply and demand, as well as broader economic adjustments.
Similarly, data from FMDQ Securities Exchange indicated a minor gain in the official Nigerian Foreign Exchange Market (NFEM), where the naira traded at ₦1,499.8/$, strengthening from ₦1,501/$ the day before. While this represents a 20 kobo appreciation, the widening margin between the parallel and official exchange rates—now at ₦9.8/$—has sparked discussions among financial analysts.
Forex traders noted a temporary boost in liquidity, but concerns remain over the sustainability of the gains. Some economists believe that market volatility may persist, especially if global economic pressures and local forex supply challenges resurface.
The naira’s appreciation has generated mixed reactions. While some Nigerians see it as a positive step toward economic recovery, others remain skeptical, citing previous fluctuations and uncertainty in forex policies. Social media platforms have been flooded with discussions on how this shift impacts businesses, importers, and the cost of living.
As the foreign exchange market remains fluid, stakeholders will be watching closely to see if the naira can maintain its upward trajectory or if further fluctuations will occur in the coming weeks.
