Nigeria Naira's Wild Ride: Drops to ₦1,200/$ in Parallel Market, Jumps 11% to ₦843.07/$ in NAFEM

The Nigerian naira faced a sharp depreciation in the parallel market, tumbling from ₦1,172 to ₦1,200 against the dollar.

Simultaneously, the Nigerian Foreign Exchange Market (NAFEM) witnessed a surprising turnaround as the naira appreciated significantly, soaring by 11% or ₦108.15 to reach ₦843.07 per dollar, according to data from FMDQ.

This drastic shift widened the gap between official and parallel market rates to ₦356.93 per dollar. Despite hopes for a positive trend, black market traders, including Mr. Yakubu Ahmed, highlighted persistent high demand for dollars, coupled with concerns about a potential prolonged depreciation due to declining foreign exchange inflows impacting both markets.