July 21, 2024

Naira Sees Fluctuations in Parallel and Official Exchange Rates

 

The Nigerian naira has experienced fluctuations in both the parallel market and the Nigerian Foreign Exchange Market (NAFEM), leading to changes in the exchange rates.

 

In the parallel market, the naira fell to N1,265 per dollar from N1,260 per dollar last week Friday. However, in NAFEM, the naira depreciated to N838.95 per dollar. Despite this depreciation, data from FMDQ shows a slight appreciation of N51.59 for the naira, with the indicative exchange rate in NAFEM falling to N838.95 per dollar from N890.54 per dollar. As a result, the gap between the official and parallel market rates has widened to N426.05 per dollar, raising concerns among traders and consumers alike.

 

The fluctuations in the exchange rates have sparked discussions about the impact on the Nigerian economy and the purchasing power of the naira. The widening gap between the official and parallel market rates raises questions about the accessibility and affordability of foreign currency for businesses and individuals. Traders and consumers are closely monitoring these developments, as they can have significant implications for importers, exporters, and the overall cost of goods and services in the country.

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