Naira soars to ₦1,680/$ in parallel market amid economic challenges
The Naira has strengthened to ₦1,680 per dollar in the parallel market, reflecting a notable improvement from ₦1,690 per dollar recorded last weekend.
In the Nigerian Autonomous Foreign Exchange Market (NAFEM), the Naira also saw gains, reaching ₦1,552.92 per dollar, marking an appreciation of ₦88.35. Data from the FMDQ indicates that the indicative exchange rate for NAFEM has decreased from ₦1,641.27 per dollar last weekend, which contributed to a significant 44 percent decline in the volume of dollars traded in the official market, dropping from $616.73 million to $343.71 million.
READ ALSO: Naira strengthens in both official, parallel markets
As a result, the gap between the parallel market and NAFEM rate has widened to ₦127.08 per dollar, up from ₦48.73 per dollar just a week ago.
This uptick in the Naira’s value occurs amidst a call from the World Bank for the Federal Government to continue its reforms, even as many Nigerians endure economic hardships.
In related news, Nigeria continues to grapple with chronic power shortages, which have hampered economic growth. The national grid has collapsed for the fifth time this year, underscoring the nation’s ongoing struggle to deliver reliable electricity.
Proofreading by Fa’izatu Aliyu Doma, Journalist at Neptune Prime.
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