The Naira yesterday appreciated to N1,695 per dollar in the parallel market from N1,725 per dollar on Tuesday.
The Naira remained steady at N1,672.69 per dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEM). According to data from FMDQ, the indicative exchange rate for the naira has stayed stable since Monday, following the start of live foreign exchange trading on the Bloomberg BMatch System.
The volume of dollars traded increased by 4.4 percent, rising from $207.86 million on Tuesday to $216.99 million. As a result, the gap between the parallel market and the NAFEM rate narrowed to N22.31 per dollar, compared to N52.31 per dollar the previous day.
Mr. Sanni Daudu, a black market trader, attributed the ongoing appreciation of the naira to reduced demand pressure, which has eased as the festive season approaches.
Many importers have already made their purchases, uncertain of what the foreign exchange rate will be next year.
This trend is seen as positive for now, with the exchange rate remaining below N1,700 and above N1,650 today. Daudu predicts the naira will end the year maintaining this level of appreciation, driven by the current demand and supply dynamics.
