On Monday, October 14, 2024, the Naira strengthened to N1,680 per dollar in the parallel market, improving from N1,690 per dollar over the weekend. This increase shows a positive shift in the currency’s value in the unofficial exchange market.

In the Nigerian Autonomous Foreign Exchange Market (NAFEM), the Naira also saw significant gains. According to data from FMDQ, the Naira appreciated to N1,552.92 per dollar, down from N1,641.27 per dollar last weekend. This represents a notable increase of N88.35 in value, indicating a strong performance for the Naira in the formal trading environment.

Despite this appreciation, the overall volume of dollars traded in the official market declined sharply. The turnover dropped by 44%, falling from $616.73 million last Friday to $343.71 million on Monday. This decline in trading volume suggests that while the Naira is gaining value, the overall demand for dollars in the official market is lower.

The recent improvements in the Naira’s value demonstrate the fluctuating conditions in Nigeria’s foreign exchange market. It highlights the importance for individuals and businesses to stay informed about the current exchange rates in both the official and parallel markets, as these rates can impact financial decisions and economic activities in the country.