Naira Maintains ₦1,535/$ Rate In Parallel Market

The Naira maintained its position at ₦1,535 per dollar in the parallel market yesterday, showcasing a surprising stability amidst broader market volatility.

In contrast, the Nigerian Autonomous Foreign Exchange Market (NAFEM) witnessed a depreciation of the ₦aira, slipping to ₦1,532.58 per dollar.

According to FMDQ data, the indicative exchange rate for NAFEM rose from ₦1,523.85 per dollar on Monday, representing a ₦8.73 depreciation for the ₦aira.

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Interestingly, the market experienced a significant surge in trading volume, with turnover climbing by 41 percent to $188.19 million from Monday’s $133.46 million. This uptick in trading activity highlights a heightened demand and supply dynamic within the market.

The increased activity had a notable impact on the exchange rate margin between the parallel market and NAFEM, narrowing the gap to ₦2.42 per dollar from the previous ₦11.15 per dollar on Monday.

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This contraction suggests a convergence trend, reflecting changing market perceptions and strategies among traders and investors.

How much is a dollar to naira today in the black market?

Dollar to naira exchange rate today black market (Aboki dollar rate):

The exchange rate for a dollar to naira at Lagos Parallel Market (Black Market) players buy a dollar for N1530 and sell at N1540 on Tuesday 9th July 2024, according to sources at Bureau De Change (BDC).

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Please note that the Central Bank of Nigeria (CBN) does not recognize the parallel market (black market), as it has directed individuals who want to engage in Forex to approach their respective banks.

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