Naira Falls Against Dollar today : Depreciates to N1,465/$ in Parallel Market, Appreciates to N1,418.78/$ in NAFEM.
In a tale of contrasting movements, the Nigerian naira experienced fluctuations in the foreign exchange markets, witnessing a depreciation in the parallel market and an appreciation in the Nigerian Foreign Exchange Market (NAFEM).
As of yesterday, the naira’s value dipped to N1,465 per dollar in the parallel market, a decline from N1,445 per dollar recorded on Tuesday. This decrease indicates the challenges faced by the local currency on the informal currency exchange front.
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On the flip side, the naira exhibited resilience in the Nigerian Foreign Exchange Market, where it appreciated to N1,418.78 per dollar. Data sourced from FMDQ revealed a notable drop in the indicative exchange rate for NAFEM, falling from N1,433.89 per dollar on Tuesday to the current rate, signifying an impressive N15.11 appreciation for the naira.
However, this fluctuation has led to a widening gap between the official and parallel market exchange rates. Yesterday, the margin expanded to N46.22 per dollar, up from N11.11 per dollar recorded on Tuesday.
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Economic analysts suggest that these fluctuations may be attributed to various factors, including market dynamics, demand and supply forces, and external economic conditions. The widening gap between the official and parallel rates emphasizes the complexities within the foreign exchange landscape.
As stakeholders closely monitor these developments, the Central Bank and relevant financial authorities may consider measures to stabilize the naira and address the widening gap between the two exchange markets.
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