Naira Strengthens to ₦1,755 per Dollar in Parallel Market




The Nigerian Naira made a significant gain in the parallel market yesterday, appreciating to ₦1,755 per dollar from ₦1,770 on Monday. This marks a positive turn for the local currency, reflecting improved market sentiments.

In the Nigerian Autonomous Foreign Exchange Market (NAFEM), the Naira also appreciated, closing at ₦1,659.44 per dollar compared to ₦1,675.62 on Monday. Data from FMDQ showed that the NAFEM exchange rate appreciated by ₦16.18, signaling increased market activity and demand stability.

A remarkable surge in dollar turnover was observed in NAFEM, with trading volume rising by 219.5% to $425.98 million from $108.79 million on Monday. This substantial increase in traded volume underscores heightened market confidence and liquidity.

The narrowing gap between the parallel market and the NAFEM rate is another notable development. The margin fell to ₦95.56 per dollar from ₦117.38 on Monday, signaling potential convergence in exchange rates across different markets.

Market analysts suggest that the Naira's appreciation could be linked to increased forex supply and improved regulatory measures aimed at stabilizing the currency. These developments are expected to boost investor confidence and ease inflationary pressures in the economy.

As the Naira strengthens, market watchers will be keen to observe how long the current momentum can be sustained amid ongoing global and domestic economic dynamics.

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