In a shocking turn of events, the Naira tumbled to an all-time low of N1,235 per dollar on Tuesday, sparked by surging demand on the parallel market, commonly known as the black market. This marks a 2.06 percent depreciation (N25 weaker) compared to the N1,210 rate observed just the previous day.
The Monday picture presented a stark contrast, as the Naira gained 1.85 percent against the dollar at the Nigerian Autonomous Foreign Exchange Market (NAFEM).
Notably, the Naira’s upward journey follows a promising announcement made by Finance Minister Wale Edun, who stated that Nigeria is poised to welcome a staggering $10 billion in fresh foreign currency inflows in the coming weeks. This positive development is expected to alleviate the acute dollar shortages in the foreign exchange market.
The NAFEM reported a stronger dollar rate, with one dollar quoted at N793.34 after Monday’s trading, a significant improvement from N808.27 on the previous Friday, as per data from FMDQ. The market saw enthusiastic buyers and sellers engage in transactions at a bid rate of N900/$ high and N701/$ low. Furthermore, the daily FX market turnover experienced a slight 2.89 percent increase, reaching $81.55 million on Monday, up from the $79.26 million recorded the previous Friday at the official market.
