The naira experienced a decline in the parallel market, falling to N1,200 per dollar from N1,172 per dollar on Wednesday, according to data from FMDQ.
Mr. Yakubu Ahmed, a black market trader, highlighted the ongoing high demand for dollars with limited access. He mentioned,
“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.”
In contrast, the naira appreciated in the Nigerian Foreign Exchange Market (NAFEM) to N843.07 per dollar. FMDQ data showed a significant shift from N951.22 per dollar on Wednesday, indicating an 11 percent or N108.15 appreciation for the naira.
This appreciation in NAFEM widened the gap between the official and parallel market exchange rates to N356.93 per dollar, up from N220.78 per dollar on Wednesday. Mr. Yakubu Ahmed expressed optimism, stating,
“Though we anticipate a positive change from the current trend of depreciation of the naira.”
However, concerns loom among traders who fear a prolonged naira depreciation. Ahmed pointed out,
“Most traders are still worried that the naira might be in a falling trend for a long period due to the decline in foreign exchange inflows, which is also affecting the official market.”
| Vanguard
