The Nigerian Naira has surged to N1,740/$1 in the parallel market as of Sunday, October 27.
The Naira has experienced a slight appreciation in the Nigerian Autonomous Foreign Exchange Market (NAFEM), with dealers speculating that the Central Bank of Nigeria (CBN) is poised to intervene soon in the exchange rate.
Data from FMDQ indicates that the indicative exchange rate for NAFEM has dropped to N1,600 per dollar from N1,601.2 per dollar on Thursday, suggesting a slight appreciation of the naira.
If this trend of depreciation persists, by the end of the year, the local currency will have erased the gains it achieved in March this year, when it experienced a sudden surge in value, falling from an all-time high of N1,820 per dollar in February 2024 to N1,310 per dollar, and then further to N1,240 per dollar.
Year-on-Year (YoY), the Naira has depreciated in the parallel market by 70.5 percent to N1,705 per dollar at the close of the third quarter trading on September 30, 2024, from an average of N1,000 per dollar in September 2023.
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