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See the Current Value of Naira Against Dollar, as Naira Appreciate in Parallel Market

Published by Tope Fakinlede on November 12th, 2024.

See the Current Value of Naira Against Dollar, as Naira Appreciate in Parallel Market

Naira and Dollar

The Nigerian Naira gained ground in the parallel market on Monday, appreciating to N1,730 per US dollar, up from N1,740 last weekend. However, in the Nigerian Autonomous Foreign Exchange Market (NAFEM), the Naira weakened, depreciating to N1,681.42 per dollar from N1,678.87 on Friday.

According to data from the FMDQ, the indicative exchange rate for NAFEM showed a slight decline of N2.55, bringing the value of the Naira down against the dollar. As a result, the gap between the parallel market rate and the NAFEM rate decreased to N48.58, compared to N61.13 a week earlier.

Despite these fluctuations, analysts from Afrinvest West Africa Limited foresee a mixed performance for the Naira’s exchange rate this week. Following a period of varied trading last week, they predict the Naira will likely continue to trade within a similar range. Analysts also noted that recent interest rate cuts in major global economies could create opportunities for carry trades in emerging markets, particularly those with relatively stable exchange rates.