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Naira Drops to N1,745/$ in Parallel Market

By Tosin Onisuuru
4

The Naira weakened in the parallel market, trading at N1,745 per dollar on Thursday, compared to N1,740 per dollar on Wednesday.

However, in the Nigerian Autonomous Foreign Exchange Market (NAFEM), the Naira strengthened, closing at N1,658.67 per dollar, up from N1,687.52 per dollar the previous day—a notable appreciation of N28.85.

According to data from FMDQ, dollar trading volume in NAFEM dropped by 5.5%, with $163.66 million exchanged on Thursday, down from $173.29 million on Wednesday.

As a result, the gap between the parallel market rate and the NAFEM rate widened significantly to N86.33 per dollar, compared to N52.48 per dollar on Wednesday.

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