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The Naira appreciated to N1,725 per dollar in the parallel market, a slight increase from N1,730 on Monday. However, the Naira remained stable at N1,672.69 in the Nigerian Autonomous Foreign Exchange Market (NAFEM). The volume of dollar trading decreased by 18.2%, narrowing the margin between exchange rates.

The Naira appreciated slightly in the parallel market, reaching N1,725 per dollar on Tuesday, December 3, 2024, up from N1,730 on Monday. The Nigerian currency's stability continued in the Nigerian Autonomous Foreign Exchange Market (NAFEM), where it remained steady at N1,672.69 per dollar.

In recent trading activity, the volume of dollars exchanged saw a significant decline, dropping by 18.2%. The total turnover decreased from $254.1 million on Monday to $207.86 million on Tuesday. This drop in trading volume led to a narrowing of the margin between the parallel market and the NAFEM exchange rate. The gap was reduced to N52.31 per dollar from N57.31 per dollar on Monday.

The latest figures show that the Naira’s recent fluctuations reflect a period of relative stability, even as it continues to perform differently in parallel and official markets. Market observers are keeping an eye on further shifts as the currency situation evolves.