Naira Gains Massively Against Dollar As New Exchange Rate Emerges

The Naira, Nigeria’s currency, saw a positive uptick in the informal market.

The Nigerian currency strengthened exchanging at to ₦1,375 per dollar, compared to ₦1,500 per dollar on Tuesday.

However, in the Nigerian Autonomous Foreign Exchange Market (NAFEM), the Naira depreciated to ₦1,339.33 per dollar.

Data from FMDQ reveals that the indicative exchange rate for NAFEM rose to ₦1,329.65 per dollar from ₦1,173.88 per dollar on Tuesday, marking a depreciation of ₦155.77 for the Naira.

Consequently, the margin between the parallel market and NAFEM rates narrowed to ₦45.35 per dollar from ₦326.12 per dollar on Tuesday.

The Naira has been very irregular in recent time, rising and falling in an unpredictable way making it hard for business people to plan.