Utweets
The Nigerian Naira appreciated to N1,725 per dollar in the parallel market and N1,630.45 in the Nigerian Autonomous Foreign Exchange Market (NAFEM). Trading volumes surged by 198.8% to $242.59 million. The gap between the parallel and NAFEM rates widened to N94.55, raising concerns about currency stability. ..ALSO READ FULL FROM SOURCE ↔️
The Nigerian Naira appreciated to N1,725 per US dollar in the parallel market on Tuesday, a rise from N1,730 the previous day. This improvement reflects a broader trend in the foreign exchange landscape, where the Naira also strengthened in the Nigerian Autonomous Foreign Exchange Market (NAFEM). Here, the exchange rate dipped to N1,630.45 per dollar from N1,670.65, marking a significant appreciation of N40.2.
The surge in the Naira’s value coincided with a dramatic increase in dollar trading volumes within the official market, which rose by 198.8% to $242.59 million, up from $81.17 million traded the previous day. This heightened activity suggests a renewed confidence among traders and could be indicative of shifting economic dynamics in the country.
Financial analysts are closely monitoring these developments, noting that while the Naira’s appreciation is promising, the persistent disparity between official and parallel market rates raises ongoing concerns about the stability and sustainability of Nigeria’s currency policies. Economists urge for continued reform and strategic interventions to support the Naira’s trajectory and foster a more robust economic environment moving forward. ..ALSO READ FULL FROM SOURCE ↔️
