The Nigerian Naira yesterday experienced mixed fortunes, depreciating to N1,645 per dollar in the parallel market, while appreciating to N1,539.65 per dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEM).
According to data from FMDQ, the Naira lost N5 against the dollar in the parallel market, dropping from N1,640 per dollar on Tuesday.
However, in NAFEM, the Naira gained N116.84, falling from N1,656.49 per dollar on Tuesday.
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The volume of dollars traded in the official market also surged by 38.9 percent to $139.48 million, up from $100.39 million traded on Tuesday.
The widening margin between the parallel market and NAFEM rates now stands at N105.35 per dollar, compared to N16.49 per dollar on Tuesday.
Market analysts attribute the fluctuations to market forces and the Central Bank of Nigeria’s foreign exchange management strategies.
The development has sparked concerns among businesses and investors, who are calling for stability in the foreign exchange market.
Vanguard.
