Naira Strengthens Against Dollar in Parallel Market, Widening Gap with Official Rates

Naira Strengthens Against Dollar in Parallel Market, Widening Gap with Official Rates 

The Nigerian naira experienced an uptick in the parallel market, reaching N1,165 per dollar compared to Wednesday’s rate of N1,167 per dollar. Conversely, the official Nigerian Foreign Exchange Market (NAFEM) witnessed a depreciation, with the indicative exchange rate climbing to N832.32 per dollar from N831.47 per dollar on Wednesday, signaling an 85 kobo drop for the naira.

Data from FMDQ revealed this shift, narrowing the gap between the official and parallel market exchange rates to N332.68 per dollar, down from N335.53 per dollar the previous day.

Mr. Yisa Maitama, a black market trader, reported selling a dollar for N1,165 and purchasing it for N1,160. He explained, “The dollar is being traded between N1,150 to N1,170 across the foreign exchange market this week due to high demand and low supply factors. We hope it goes below the N1,000 per dollar threshold before year-end.”

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