Korede Abdullah in Lagos
The Nigerian Naira experienced mixed fortunes yesterday, depreciating to N1,745 per dollar in the parallel market from N1,740 per dollar on Wednesday.
However, in the Nigerian Autonomous Foreign Exchange Market (NAFEM), the Naira appreciated to N1,658.67 per dollar, indicating a N28.85 gain.
This development reflects the complex and volatile nature of Nigeria’s currency environment.
Data from FMDQ showed that the indicative exchange rate for NAFEM fell from N1,687.52 per dollar on Wednesday, while the volume of dollars traded declined by 5.5 percent to $163.66 million.
The widening margin between the parallel market and NAFEM rates, now at N86.33 per dollar from N52.48 per dollar on Wednesday, highlights the ongoing challenges in stabilizing the Naira.
Despite recent gains in the official market, the parallel market continues to reflect broader concerns about the currency’s overall performance.
The World Bank’s Africa’s Pulse report identifies the Naira as one of the worst-performing currencies in Sub-Saharan Africa this year, with a depreciation of approximately 43 percent since the beginning of the year.
