The Naira depreciated to N1,740 per dollar in the parallel market while appreciating to N1,601.2 in the Nigerian Autonomous Foreign Exchange Market. Trading volume in the official market increased by 23%, widening the gap between parallel and official rates to N140 per dollar, signaling ongoing currency volatility.
The Nigerian Naira has experienced a slight depreciation in the parallel market, now valued at N1,740 per dollar, down from N1,739 the previous day. In contrast, the Naira showed signs of appreciation in the Nigerian Autonomous Foreign Exchange Market (NAFEM), where it stood at N1,601.2 per dollar, indicating a favorable shift from the earlier rate of N1,601.2.
Recent data from the FMDQ reveals that the indicative exchange rate for NAFEM has dropped to N1,600, reflecting a N1.2 increase in the value of the Naira. The trading volume in the official market also saw a notable rise, surging by 23% to $284.93 million, compared to $230.99 million traded the day before.
The widening gap between the parallel market and NAFEM rates has become a point of concern, with the margin now at N140 per dollar, up from N137.8 the previous day. This trend has raised eyebrows among economists and market watchers, as the fluctuating rates indicate ongoing volatility in Nigeria’s foreign exchange landscape.
As the economy navigates these changes, stakeholders continue to express their opinions on the implications of these shifts. Many Nigerians are left pondering the broader effects on businesses, consumer prices, and overall economic stability as the government works to address the challenges facing the Naira.
![Today's Naira Rate[25-10-2024]: Naira Hits N1,739/$ in Parallel Market](/data/attachments/209/209508-860af933db8f0e136367e45ab10c9013.jpg?hash=PERHMQHP25)
