The Naira has appreciated in value, rising to N1,745 per dollar in the parallel market, up from N1,755 per dollar on Tuesday. However, in the Nigerian Autonomous Foreign Exchange Market (NAFEM), the Naira depreciated to N1,660.83 per dollar.
This development comes as the Central Bank of Nigeria (CBN) continues to implement measures to stabilize the foreign exchange market. The CBN Governor has expressed optimism that the bank’s efforts will yield results by the first quarter of 2025.
In related news, the volume of dollars traded (turnover) declined by 20.8 percent to $337.07 million from $425.98 million traded on Tuesday. Consequently, the margin between the parallel market and NAFEM rate narrowed to N84.17 per dollar from N95.56 per dollar on Tuesday.
Source: Vanguard
