The Nigerian Naira continued to fluctuate across different forex markets on Thursday, with a depreciation recorded in the parallel market. The currency dropped to N1,739 per dollar, down from N1,735 per dollar on Wednesday, marking a notable decline in its value in the unofficial market.
However, the Naira showed strength in the Nigerian Autonomous Foreign Exchange Market (NAFEM), appreciating to N1,601.2 per dollar from Wednesday’s exchange rate of N1,654.09 per dollar. This represents a significant improvement of N52.89 in the official market.
Data provided by FMDQ indicated that the volume of dollars traded in the official market surged by 69 percent, with $230.99 million exchanged on Thursday compared to $136.68 million on Wednesday.
Despite the positive movement in NAFEM, the gap between the official and parallel market rates widened significantly, with a margin of N137.8 per dollar on Thursday, compared to a difference of N80.91 per dollar the previous day. This widening disparity highlights ongoing challenges in the country’s foreign exchange markets.
The volatility in exchange rates continues to raise concerns among businesses and individuals, as the value of the Naira remains unstable in both formal and informal currency trading platforms.