Naira Soars To N1,680/$ In Parallel Market

The Naira has appreciated to N1,680 per dollar in the parallel market, a significant improvement from N1,690 per dollar last weekend.

Similarly, the Naira appreciated to N1,552.92 per dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEM), indicating an N88.35 appreciation for the Naira.

Data from FMDQ showed that the indicative exchange rate for NAFEM fell from N1,641.27 per dollar last weekend, leading to a 44 percent decline in the volume of dollars traded (turnover) in the official market to $343.71 million from $616.73 million traded last week Friday.

Consequently, the margin between the parallel market and NAFEM rate widened to N127.08 per dollar from N48.73 per dollar last weekend.

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This development comes as the World Bank urges the Federal Government to sustain reforms despite hardship on Nigerians.

In other news, the Nigerian economy faces perennial power shortages, which have contributed to a downturn in economic growth.

The national grid collapsed for the fifth time this year, highlighting the country’s inability to provide reliable power.