Naira rises to N1,695 per dollar in parallel market

In the parallel market, the value of the Naira increased from N1,725 to N1,695 per dollar on Tuesday to N1,695 yesterday. On the Nigerian Autonomous Foreign Exchange Market, or NAFEM, the value of the Naira remained steady at N1,672.69 to the US dollar. 

Following the start of real foreign exchange trading on the Bloomberg BMatch System on Monday, the indicative exchange rate for the naira has remained stable, according to data from FMDQ. 

Turnover, or the amount of money exchanged, increased by 4.4 percent to $216.99 million from Tuesday's $207.86 million.

As a result, the difference between the NAFEM rate and the parallel market dropped from N52.31 to N22.31 per dollar on Tuesday. 

Black market trader Mr. Sanni Daudu claimed that less demand pressure was the reason for the naira's ongoing rise. As the holiday season draws near, the pressure of demand for the dollar has subsided. 

The majority of importers have made purchases because they are unsure of how the foreign currency rate would perform the next year. 

Given that the exchange rate today was both below and above N1,700, this is a positive sign for the time being. I predict that the naira will end the year at a level that reflects this supply and demand trend.

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