Naira Strengthens to N1,715 in Parallel Market, Weakens in Official Exchange

On Monday, October 21, the Nigerian Naira appreciated to N1,715 per dollar in the parallel market, improving from N1,725 per dollar over the weekend.

However, in the Nigerian Autonomous Foreign Exchange Market (NAFEM), the Naira depreciated, reaching N1,603.16 per dollar from last Friday’s rate of N1,600.78 per dollar, marking a N2.38 decline.

Data from FMDQ showed a 2.4% increase in dollar trading volume in the official market, rising to $359.22 million compared to $350.72 million traded last weekend.

This resulted in a narrower margin between the parallel market and NAFEM rates, with the gap shrinking to N111.84 per dollar from last Friday’s N124.22 per dollar.