Dollar Crashes as Naira Gains Almost N100 in Official And Parallel Markets

Dollar Crashes as Naira Gains Almost N100 in Official And Parallel Markets

  • The Nigerian currency, the naira, experienced some breather in all segments of the foreign exchange markets on Friday, May 17, 2024
  • The naira appreciated by over N100 against the US dollar in the official and parallel markets
  • Data shows that traders exchanged a dollar for N1,497.33 per dollar in the official market and N1,450 in the parallel markets on Friday, May 17, 2024

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Legit.ng’s Pascal Oparada has reported on tech, energy, stocks, investment, and the economy for over a decade.

After several days of losses, the naira recovered against the US dollar for the second time in a week.

The Nigerian currency has been battered for more than 14 days after emerging as the World’s best-performing currency in April, following CBN policies.

Naira gains in all markets, CBN, FMDQ
The naira rises against the US dollar in all markets as CBN pumps fewer dollars Credit: Bloomberg/Contributor
Source: Getty Images

The naira regains strength after days

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Traders sell dollar at new rates in official and parallel markets as naira hits lowest in May

On Friday, May 17, 2024, the naira broke vital resistance against the US dollar to trade at N1,1497.33 per dollar in the official market as against the N1,533.99 recorded on Thursday, May 16, 2024.

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The Nigerian currency experienced a breather despite a decline in Forex turnover in the Nigerian Foreign Exchange Market (NAFEM).

Data from FMDQ Exchange shows that the total foreign exchange turnover recorded on May 17, 2024, amounted to $83.5 million, a 69.4% decline against the $272 million recorded the previous day.

Traders quoted the dollar at an intra-day high of N1,555 per dollar and a low of N1,415 on Friday, May 17, 2024.

The naira appreciates in the parallel market

Also, in the parallel markets, the naira appreciated by N90 against the US dollar to trade at N1,480 per dollar, up from the N1,540 recorded the previous day.

Read also

New exchange rate as Naira gains over N64 in hours against US dollar, first appreciation in days

Traders sell dollars at new rates in all markets

Legit.ng reported that the exchange rate between the naira and dollar in the official Nigerian Autonomous Foreign Exchange Market (NAFEM) depreciated to N1,533.99 per dollar on Thursday, May 26, 2024.

The depreciation represents a 4.69% decline in 24 hours compared to the N1,459.02 per dollar recorded the day before.

The naira recovered on Wednesday after a one-week losing streak, closing stronger at N1,459.09 per dollar on Wednesday, May 15, 2024.

Source: Legit.ng

Authors:
Pascal Oparada avatar

Pascal Oparada (Business editor) Pascal Oparada is a Mass Communications Graduate from Yaba College of Technology with over 10 years of experience in journalism. He has worked in reputable media organizations such as Daily Independent, TheNiche newspaper, and the Nigerian Xpress. He is a 2018 PwC Media Excellence Award winner. Email:pascal.oparada@corp.legit.ng

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