Naira’s Fightback: Challenges US Dollar Dominance In Parallel Market

Naira was exchanged at the rate of N1,350 per dollar compared to N1,370 per dollar last week. On the other hand, in the Nigerian Foreign Exchange Market (NAFEM), the naira depreciated to N925.34 per dollar…..CONTINUE READING

According to data from Financial Markets Dealers Quotation (FMDQ), the indicative exchange rate for NAFEM increased to N925.34 per dollar from N902.45 per dollar over the weekend, resulting in a depreciation of N22.89 for the naira.

As a result, the gap between the official and parallel market exchange rates narrowed to N397.92 per dollar yesterday from N467.55 per dollar last weekend.

The volume of dollars traded on the window also decreased by 12 per cent, amounting to $565.82 million last week compared to $645.97 million the previous week.

Meanwhile, the National Bureau of Statistics (NBS) has revealed that the price of 5kg cooking gas surged further by 2.79 per cent, selling from N4,828.18 in November 2023 to N4,962.87.

Announcing the price surge in its latest Liquefied Petroleum Gas (Cooking Gas) Price Watch released for December 2023, the statistic bureau detailed that the kg price of gas increased by 8.70% on a year-on-year basis from N4,565.56 in December 2022.

“The average retail price for refilling a 5kg Cylinder of Liquefied Petroleum Gas (Cooking Gas) increased by 2.79% on a month-on-month basis from N4,828.18 recorded in November 2023 to N4,962.87 in December 2023. On a year-on-year basis, this increased by 8.70% from N4,565.56 in December 2022,” the report read.

The report said that cooking gas was the most expensive in Adamawa as it sold at N5,725.33 in December, with Jigawa following closes at N5,686.88 and Lagos at N5,671.05.