The Nigerian Naira has recorded significant gains against the US dollar, appreciating to N1,670 per dollar in the parallel market and N1,622.57 per dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEM).
Key Highlights:
- Naira appreciates by N5 in parallel market
- NAFEM rate drops by N2.56
- Dollar turnover declines by 14.6% to $145.56 million
- Margin between parallel market and NAFEM narrows to N47.53
Market Analysis:
The appreciation is attributed to increased dollar supply and decreased demand in the foreign exchange market. The development is expected to positively impact Nigeria’s economy, particularly in the areas of trade and commerce.
Expert Insights:
“The Naira’s appreciation is a welcome development, but sustainability remains a concern. Policy makers must address underlying economic fundamentals to maintain this momentum,” said an economic analyst.
Related News:
– Nigeria’s inflation rate slows to 32.2% in August
– Food inflation eases to 37.5% due to higher corn yields and duty-free imports
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