The naira maintained its stability in the parallel market yesterday, trading at ₦1,535 per dollar. However, in the Nigerian Autonomous Foreign Exchange Market (NAFEM), the naira depreciated to ₦1,532.58 per dollar.
According to FMDQ data, the indicative exchange rate for NAFEM rose from ₦1,523.85 per dollar on Monday, representing a ₦8.73 depreciation for the naira. Despite this, the market experienced a significant surge in trading volume, with turnover climbing by 41 percent to $188.19 million from Monday’s $133.46 million.
The increased activity had a notable impact on the exchange rate margin between the parallel market and NAFEM, narrowing the gap to ₦2.42 per dollar from the previous ₦11.15 per dollar on Monday.
Meanwhile, at the Lagos Parallel Market (Black Market), a dollar was bought for ₦1,530 and sold for ₦1,540 on Tuesday, according to sources at Bureau De Change (BDC). Please note that the Central Bank of Nigeria (CBN) does not recognize the parallel market (black market), as it has directed individuals who want to engage in Forex to approach their respective banks.
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