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.