The naira experienced mixed fortunes across exchange markets today, weakening to N1,750 per dollar in the parallel market from Thursday’s rate of N1,745 per dollar.
Conversely, it appreciated in the Nigerian Autonomous Foreign Exchange Market (NAFEM), closing at N1,652.62 per dollar compared to the previous rate of N1,658.67 per dollar, representing a gain of N6.05.
According to data from the Financial Market Dealers Quote (FMDQ), NAFEM recorded an intraday high of N1,703 per dollar and a low of N1,640 per dollar.
Market turnover in NAFEM also showed significant growth, with dollar transactions rising by 48.5% to $243.05 million, up from $163.66 million traded on Thursday.
The ongoing volatility in the naira’s exchange rate highlights the challenges in balancing demand and supply dynamics across various market segments. Analysts attribute the fluctuations to persistent dollar scarcity in the parallel market and improved liquidity in NAFEM.
