Naira Drops to N1,240 per Dollar in Parallel Market

As of January 3, the Naira is now valued at N1,240 to a dollar in the parallel market, a slight increase from N1,235 per dollar. Meanwhile, in the Nigerian Foreign Exchange Market (NAFEM), the Naira strengthened to N895.23 per dollar, causing the gap between official and parallel market rates to widen to N344.77 per dollar on January 4, up from N199.88 per dollar on Wednesday.

Data from FMDQ reveals that the indicative exchange rate for NAFEM declined to N895.23 per dollar from N1,035.12 per dollar on Wednesday, indicating a noteworthy N139.77 appreciation for the Naira. These fluctuations in exchange rates highlight the dynamic nature of currency values in the Nigerian market.