The Naira has depreciated to N1,739 per dollar in the parallel market, reflecting ongoing currency volatility. Conversely, it appreciated to N1,601.2 in the Nigerian Autonomous Foreign Exchange Market (NAFEM). Trading volumes in the official market surged 69%, highlighting significant market activity amid widening exchange rate disparities.
The Nigerian Naira has recently experienced a notable depreciation in the parallel market, sinking to N1,739 per dollar, up from N1,735 the previous day. This decline highlights ongoing volatility in Nigeria's foreign exchange landscape, where fluctuations have become commonplace.
Conversely, the Naira saw an appreciation in the Nigerian Autonomous Foreign Exchange Market (NAFEM), rising to N1,601.2 per dollar from N1,654.09. This increase of N52.89 illustrates some resilience in the official market despite the challenges facing the currency.
The trading volume in the official market also surged, with dollar turnover skyrocketing by 69 percent to $230.99 million from $136.68 million the day before. This increase suggests heightened activity as traders respond to the fluctuating rates.
Notably, the gap between the parallel market rate and the NAFEM rate has expanded, widening to N137.8 per dollar, up from N80.91 the previous day.
![Today's Naira Rate[26-10-2024]: Naira Falls to N1,740/$ in Parallel Market as Official Rates Show Mixed Signals](/data/attachments/209/209550-8e774d4b46f10d5320d33103cc295370.jpg?hash=hFfFcRmkeL)
