Dollar crashes as Naira gains almost N100 in official and parallel markets

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.

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.

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.

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.