NO MORE ₦1, 700/$! See The New Dollar- Naira Exchange Rate
Good news for Nigerians as the Naira is gaining strength in the parallel market! The exchange rate has fallen below ₦1, 700 per dollar, now standing at ₦1, 695/$ as of December 5. This is an improvement from the ₦1, 725/$ recorded on Tuesday, bringing relief to traders and businesses that depend on foreign exchange.
While the black market witnessed this positive movement, the Nigerian Autonomous Foreign Exchange Market (NAFEM) maintained a steady exchange rate of ₦1, 672. 69/$, according to data from FMDQ. The stability in the official rate has been consistent since Monday, thanks to the live foreign exchange trade on Bloomberg’ s BMatch System.
Interestingly, the volume of dollars traded in the market has seen an uptick. Yesterday’ s turnover rose by 4. 4% to $216. 99 million, compared to $207. 86 million on Tuesday. This growth reflects a steady supply of dollars in the market, which is helping ease pressure on the Naira.
Black market trader, Mr. Sanni Daudu, shared his insights into the recent appreciation. According to him, reduced demand for dollars has played a significant role in the Naira’ s recovery. With the festive season approaching, many importers have already completed their purchases, reducing the usual year- end rush for foreign currency.
” This is a good omen for now as the exchange rate for today was below ₦1, 700 and above ₦1, 650, ” Daudu noted. He also predicted that if the current balance between demand and supply persists, the Naira could continue to appreciate and close the year on a strong note.
The narrowing margin between the black market and the official exchange rate is another positive development. As of yesterday, the gap stood at just #22. 31, down from #52. 31 on Tuesday.
This recovery offers a glimmer of hope for Nigerians, especially as the economy braces for the challenges of the new year. Will the Naira continue its upward trend? Only time will tell!