Naira Strengthens to N1,680 per Dollar in Parallel Market

The Naira appreciated yesterday to N1,680 per dollar in the parallel market, improving from N1,690 per dollar over the weekend. In the Nigerian Autonomous Foreign Exchange Market (NAFEM), the Naira also appreciated, reaching N1,552.92 per dollar, compared to N1,641.27 per dollar last weekend—marking a significant N88.35 gain.

Data from FMDQ indicated a sharp decline in dollar trading volume in the official market, with turnover dropping by 44% to $343.71 million, down from $616.73 million on Friday. As a result, the margin between the parallel market and NAFEM widened to N127.08 per dollar from N48.73 per dollar last weekend.