Naira Bounces Back: Hits N1,715 in Parallel Market!

The Nigerian Naira made a comeback on Monday evening, October 21, appreciating to N1,715 per dollar in the parallel market, up from N1,725 last weekend. However, it took a hit in the Nigerian Autonomous Foreign Exchange Market (NAFEM), where it depreciated to N1,603.16 per dollar.

According to FMDQ data, the indicative exchange rate for NAFEM dropped from N1,600.78 per dollar last Friday, marking a N2.38 decline for the Naira.

Additionally, the volume of dollars traded in the official market increased by 2.4% to $359.22 million, up from $350.72 million over the weekend. This change has narrowed the margin between the parallel market and the NAFEM rate to N111.84 per dollar, down from N124.22 last Friday.

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