The naira experienced a depreciation in the parallel market, falling to N1,200 per dollar from N1,172 per dollar on the previous day. In contrast, the naira appreciated in the Nigerian Foreign Exchange Market (NAFEM), reaching N843.07 per dollar from N951.22 per dollar, indicating an 11% or N108.15 appreciation.
Data from FMDQ revealed the widening gap between the official and parallel market exchange rates, reaching N356.93 per dollar from N220.78 per dollar.
A black market trader, Mr. Yakubu Ahmed, highlighted that high demand for dollars persists despite traders’ anticipation of a positive change in the foreign exchange rate trend. He reported selling a dollar for N1,200 and buying for N1,180 on the day. Traders remain concerned about the possibility of a prolonged period of naira depreciation due to a decline in foreign exchange inflows, which is affecting the official market.
