In the parallel market, the exchange rate for the Naira stands at N1,355 per US dollar.


On Tuesday, January 23, the Naira was exchanged at N1,355 to a dollar in the parallel market, showing a slight increase from the N1,350 to a dollar rate recorded on Monday, January 22.

Meanwhile, the Naira demonstrated appreciation in the Nigerian Foreign Exchange Market (NAFEM), reaching N878.61 per dollar. According to data from FMDQ, the indicative exchange rate for NAFEM decreased from N925.34 per dollar on Monday, marking a notable N46.73 appreciation for the Naira. The intraday high rate reached N1336.05 per dollar, while the intraday low was N701 per dollar, representing a margin of N635.05.

Additionally, there was a 20 percent decrease in the volume of dollars traded on the window, falling from $73.33 million on Monday to $58.46 million.

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