Naira Fights Back At US Dollar In Parallel Market

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Nigeria’s currency, the Naira, gained some value back against the US Dollar in the parallel market on Monday, January 22, 2024.

It was gathered that Naira was exchanged at the rate of N1,350 per dollar compared to N1,370 per dollar last week.

On the other hand, in the Nigerian Foreign Exchange Market (NAFEM), the naira depreciated to N925.34 per dollar.

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According to data from Financial Markets Dealers Quotation (FMDQ), the indicative exchange rate for NAFEM increased to N925.34 per dollar from N902.45 per dollar over the weekend, resulting in a depreciation of N22.89 for the naira.

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As a result, the gap between the official and parallel market exchange rates narrowed to N397.92 per dollar yesterday from N467.55 per dollar last weekend.

 

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The volume of dollars traded on the window also decreased by 12 per cent, amounting to $565.82 million last week compared to $645.97 million the previous week.

 

 

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