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Naira Swings: Mixed Fortunes in FX Markets

24 Jul

Summary

Naira depreciated to N1,413 per dollar in the parallel market.
Naira appreciated to N1,369 per dollar in the official foreign exchange market.
The margin between market rates widened to N44 per dollar.

Naira Swings: Mixed Fortunes in FX Markets

Yesterday, the Naira saw contrasting movements across Nigeria's foreign exchange markets. In the parallel market, the currency weakened, trading at N1,413 against the dollar, a slight decline from N1,409 previously. This depreciation occurred while the Naira simultaneously strengthened in the Nigerian Foreign Exchange Market (NFEM).

Official data from the Central Bank of Nigeria indicated that the Naira appreciated to N1,369 per dollar at the NFEM, up from N1,374.5 per dollar on the prior day. This resulted in a widening spread of N44 between the parallel market rate and the official rate, compared to N34.5 on Tuesday. Furthermore, interbank trading volume at the NFEM increased by 29 percent, reaching N416.4 million.

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