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Monday, December 9, 2024

Naira falls to N1,745/$ in parallel market, gains in NAFEM

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The Naira weakened further in the parallel market, closing at N1,745 per dollar on Thursday, down from N1,740 per dollar recorded on Wednesday.

In contrast, the local currency showed resilience in the Nigerian Autonomous Foreign Exchange Market (NAFEM), appreciating to N1,658.67 per dollar from N1,687.52 per dollar the previous day, marking a gain of N28.85.

According to data from FMDQ, the turnover in the NAFEM dropped by 5.5%, with $163.66 million traded on Thursday, compared to $173.29 million on Wednesday.

As a result, the gap between the parallel market rate and the NAFEM rate widened significantly, reaching N86.33 per dollar from N52.48 per dollar a day earlier.

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