The naira depreciated yesterday to N1,1200 per dollar in the parallel market from N1,172 per dollar on Wednesday.
However, the naira yesterday appreciated to N843.07 per
dollar in the Nigerian Foreign Exchange Market (NAFEM).
Data from FMDQ showed that the indicative exchange rate for
NAFEM fell to N843.07 per dollar from N951.22 per dollar on Wednesday,
indicating 11 percent or N108.15 appreciation for the naira.
As a result, the gap between the official and parallel
market exchange rates widened to N356.93 per dollar yesterday from N220.78 per
dollar on Wednesday.
Mr. Yakubu Ahmed, a black market trader said high demand for
dollars still persists despite traders’ anticipation of a positive change in
the trend of the foreign exchange rate.
“There is still high demand for dollars but little access to
it. I sold a dollar today for N1,200 and bought for N1,180.
“Though we anticipate a positive change from the current
trend of depreciation of the naira.
“But most traders are still worried that the naira might be
in a falling trend for a long period due to decline in foreign exchange inflows
which is also affecting the official market.”
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