The Nigerian naira recorded gains against the United States dollar in both the official and parallel foreign exchange markets ahead of Thursday’s trading session.
Data from the Central Bank of Nigeria showed the dollar was quoted at ₦1,328 at the Nigerian Foreign Exchange Market (NFEM), compared with ₦1,331 on Tuesday. This represents a ₦3 appreciation by the naira in the official market.
In the parallel market, the dollar exchanged at about ₦1,375 on Wednesday, down from ₦1,383 on Tuesday, giving the naira an ₦8 gain.
The difference between the parallel-market and NFEM rates stood at approximately ₦47.
Trading activity in the official foreign exchange market also increased significantly. NFEM turnover rose by 181.5 per cent to $279.2 million, compared with the previous figure of $99.2 million.
Meanwhile, Nigeria’s external reserves stood at $54.674 billion as of September 17, providing additional foreign-exchange liquidity.
However, rates available to individual buyers and sellers may differ depending on the bank, Bureau de Change operator, location, transaction size and prevailing market conditions.
As of September 24, the latest available figures put the dollar at approximately ₦1,328 at the NFEM and ₦1,375 in the parallel market.
Source: VANGUARD
