Yesterday, the Naira strengthened to N1,580 per dollar in the parallel market, up from N1,595 per dollar on Wednesday. Similarly, the Naira yesterday appreciated to N1,570 per dollar in the Nigerian Autonomous Foreign Exchange Market, NAFEM. Data from FMDQ showed that the indicative exchange rate for NAFEM fell to N1,570 per dollar from N1,608.73 per dollar on Wednesday, indicating N38.73 appreciation for the naira. The volume of dollars traded in the market grew by 47 percent to $142.32 million from $270.81 million traded on Wednesday. Consequently, the margin between the parallel market and NAFEM rate narrowed to N10 per dollar from N13.73 per dollar on Wednesday.

Naira Plunges Massively Against the Dollar after May 29

News - Women's Perspective
Hetty

The Naira has depreciated massively against the dollar at the foreign exchange market 24 hours after President Bola Tinubu’s first anniversary.

According to the FMDQ data, the Nigerian currency plunged to N1,484.75 against the dollar on Thursday from N1329.65 on Wednesday.

This represents a N155.1 loss against the dollar compared to N1329.65 traded on Wednesday.

Similarly, at the parallel market section the depreciated to N1490 per dollar on Thursday from N1480 the previous day.

The development comes as the turnover of foreign exchange transactions dropped to $235.41 million on Thursday from $328 million on Tuesday.

Accordingly, the last time the Nadepreciatedated at both official and parallel foreign exchange markets was on May 23, 2024, when the Central Bank of Nigeria announced fresh guidelines to Bureau De Change operators.

Since mid-April, the Naira has continued to fluctuate against the dollar at the forex market despite CBN interventions.

Olayemi Cardoso, the governor of CBN at the last 295th Monetary Policy Committee blamed the volatility on seasonal fluctuations.

The governor of the Central Bank of Nigeria, Olayemi Cardoso, said that the apex bank has not revoked the licenses of Moniepoint, Opay, and other fintech.

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