In the latest forex news, the Nigerian naira witnessed a decline, reaching N1,395 per dollar in the parallel market, as reported by Vanguard. This marks a depreciation compared to its value of N1,365 per dollar recorded on Friday.
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However, there was a contrasting trend in the Nigerian Foreign Exchange Market (NAFEM), where the naira experienced appreciation, reaching N1,400.4 per dollar. Data sourced from FMDQ indicated a notable improvement, with the indicative exchange rate for NAFEM falling to N1,400.4 per dollar from N1,402.67 per dollar on the previous day. This reflects a noteworthy appreciation of N2.27 for the naira.
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Despite the positive movement in NAFEM, the volume of dollars traded (turnover) in the market saw a decline of 13.3 percent, amounting to $201.88 million compared to $232.84 million traded the day before.
Consequently, there was a significant reduction in the margin between the parallel market and NAFEM rates, narrowing down to N5.4 per dollar from N37.67 per dollar reported on Thursday.
The fluctuations in the forex market continue to reflect the dynamic economic conditions and various factors influencing currency trading in Nigeria. As market participants monitor these developments, stakeholders remain vigilant about potential impacts on trade and investment activities.
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