HomeFinanceNaira Holds Steady at...

Naira Holds Steady at ₦1,535 per Dollar in Parallel Market

The Naira maintained its position at ₦1,535 per dollar in the parallel market yesterday, showing surprising stability despite broader market volatility. Meanwhile, the Nigerian Autonomous Foreign Exchange Market (NAFEM) saw the Naira depreciate to ₦1,532.58 per dollar, with the indicative exchange rate rising from ₦1,523.85 per dollar on Monday.

FMDQ data revealed a 41 percent surge in trading volume, with turnover climbing to $188.19 million from Monday’s $133.46 million. This increase in trading activity narrowed the exchange rate margin between the parallel market and NAFEM to ₦2.42 per dollar from the previous ₦11.15 per dollar, suggesting a trend towards convergence in market perceptions and strategies.

As of today, the dollar to naira exchange rate in the Lagos parallel market stands at ₦1,530 for buying and ₦1,540 for selling. The Central Bank of Nigeria (CBN) continues to advise individuals to engage in Forex transactions through their respective banks, as it does not recognize the parallel market.

Download our official mobile app

Most Popular

LEAVE A REPLY

Please enter your comment!
Please enter your name here

More from Findwhosabi

Dollar To Naira Exchange Rate, July 17, 2024

Findwhosabi News has gotten the official dollar to the naira exchange...

Dollar To Naira Exchange Rate, July 16, 2024

Findwhosabi News has obtained the official dollar to the naira exchange...

Dollar To Naira Exchange Rate, July 15, 2024

Findwhosabi News has obtained the official dollar to the naira exchange...

Dollar To Naira Exchange Rate , July 13, 2024

Findwhosabi  News has obtained the official dollar to the naira exchange...