The parallel market records the exchange rate of Naira at N1,370 per US dollar.


On Friday, January 19, the Naira was traded at N1,370 per dollar in the parallel market, marking an increase from N1,300 per dollar on Thursday, January 18.

Additionally, the Naira experienced a depreciation to N902.45 per dollar in the Nigerian Foreign Exchange Market (NAFEM). Data sourced from FMDQ revealed that the indicative exchange rate for NAFEM climbed to N902.45 per dollar from N902.08 per dollar on Thursday, reflecting a 37 kobo decline for the Naira. The turnover of dollars on the window decreased by 17 percent, reaching $145.89 million compared to $176.53 million on Thursday.

As a result of these fluctuations, the gap between the official and parallel market exchange rates widened to N467.55 per dollar on that day, expanding from N397.92 on Thursday.

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