The Naira appreciates to N1,695 per dollar in the parallel market, showing a positive trend as demand decreases with the festive season approaching. It remains stable at N1,672.69 per dollar in NAFEM. Dollar turnover rose, and experts predict Naira stability as the year ends, with a narrowed market gap.
The Naira has appreciated to N1,695 per dollar in the parallel market, up from N1,725 the previous day. This marks a positive trend for Nigeria’s currency, which has seen a boost due to reduced demand pressure as the festive season approaches. In contrast, the Naira remains stable at N1,672.69 per dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEM).
According to data from FMDQ, the indicative exchange rate for the Naira has remained stable since the start of live foreign exchange trading on the Bloomberg BMatch System. Meanwhile, dollar turnover rose by 4.4%, increasing to $216.99 million from $207.86 million on Tuesday. This signifies a growing volume of transactions in the market.
As the margin between the parallel market and the NAFEM rate narrows to N22.31, down from N52.31, the appreciation of the Naira is linked to lower demand. Importers have already made purchases, with many uncertain about future exchange rates, particularly in the new year. Black market traders, like Sanni Daudu, predict the Naira will maintain its appreciation, given the current supply and demand dynamics.
The market is optimistic, with expectations that the Naira will remain below N1,700 and above N1,650 as 2024 draws to a close, signaling potential stability for Nigeria's currency.
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