Nigeria’s currency, the Naira, appreciated significantly on October 14, 2024, gaining N10 in the parallel market, trading at N1,680 per US dollar compared to last weekend’s rate of N1,690. In the Nigerian Autonomous Foreign Exchange Market (NAFEM), the Naira also strengthened, reaching N1,552.92 per dollar, a gain of N88.35 from last weekend’s rate of N1,641.27.
Despite the Naira’s gains, dollar turnover in the official market saw a sharp decline, dropping by 44% to $343.71 million from the previous $616.73 million traded on Friday. This led to a growing disparity between the parallel market and NAFEM rates, which widened to N127.08 per dollar, up from N48.73 last weekend.
