Naira gains N43.83 in September as parallel market faces pressure

Oct. 2, 2024 - Businessday

The naira, Nigeria‘s currency, recorded gains at the official foreign exchange (FX) market, closing the month of September with N43.83 gains.

The overall N43.83 gain highlights a period of steady recovery for the naira in the official market.

This intervention was aimed at reducing the pressure in the FX market and ensuring adequate dollar liquidity for smaller traders. Parallel Market Under PressureDespite the naira’s gains in the official market, the currency faced continued pressure in the parallel market, where it depreciated by 2.

79 percent over the course of the month. This N47 loss reflects the challenges the parallel market faces, as demand for dollars remains high while supply is limited.

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