Connect with us


Naira Soars to New Heights: Hits N1,580/$ in Parallel Market



In a remarkable turn of events, the Nigerian naira surged to N1,580 against the US dollar in the parallel market, marking a triumphant climb from its previous position at N1,590. Simultaneously, the Nigerian Foreign Exchange Market (NAFEM) witnessed a commendable appreciation, with the naira hitting N1,560.57 per dollar.

Fresh data from FMDQ revealed intriguing market shifts, as the indicative exchange rate for NAFEM plummeted to N1,560.57 from N1,572.86 on Monday, showcasing a substantial N12.29 appreciation for the naira. Market volatility was palpable, with an intraday high of N1,626.5 and a low of N1,415, amounting to an impressive N211.5 margin.

Despite the fervent activity, the volume of dollars traded experienced a notable 38% decline, settling at $195.13 million compared to $315.21 million on Monday. Consequently, the gap between the parallel market rate and NAFEM widened to N29.43 per dollar, underscoring the evolving dynamics of the forex landscape.