Naira Appreciates by 5.5% at Parallel Market

The naira recorded a huge gain against the US dollar at the parallel market, hitting N1640/$1, at the close of business on Wednesday, December 4, 2024.

This represents a 5.2% or N90 gain against the dollar when compared to the N1730 that was recorded the previous trading day.

The massive appreciation recorded against the dollar is coming with the kick-off of trading activities at EFEMS PLATFORM which the BDCs operators believe will bring about transparency in the forex market and enhance regulatory oversight.

According to information made available to Nairametrics, the exchange rate for dollar inflow on the parallel market is N1640/$1, while the rate for cash transactions closed at N1664/$1 at the end of the day’s trading activities.