Naira Depreciates Against US Dollar In Latest Exchange Rate In Parallel Market

The Nigerian currency, the Naira, experienced a slight depreciation to ₦1,595 per dollar in the parallel market on Wednesday, down from ₦1,585 per dollar on Tuesday.

On the other hand, the Naira appreciated to ₦1,608.73 per dollar in the Nigerian Autonomous Foreign Exchange Market, NAFEM.

Data from FMDQ indicated that the indicative exchange rate for NAFEM decreased to ₦1,608.73 per dollar from ₦1,621.12 per dollar on Tuesday, reflecting a ₦12.39 appreciation for the Naira.

The volume of dollars traded in the market also saw a significant increase of 62.8 per cent to $270.81 million from $166.34 million traded on Tuesday.

As a result, the margin between the parallel market and the NAFEM rate narrowed to ₦13.73 per dollar from ₦36.12 per dollar on Tuesday.

Meanwhile, the chairman of the Senate Committee on Finance, Senator Sani Musa, has applauded President Bola Tinubu for instructing the Nigerian National Petroleum Company Limited (NNPCL) to sell crude oil to the Dangote Refinery in Naira.

In a statement released on Tuesday, Senator Musa emphasized that the Federal Government’s decision to facilitate this Naira-based transaction with Dangote Refinery represents a strategic shift toward enhancing Nigeria’s economic self-sufficiency and stability.

Senator Musa praised President Tinubu for demonstrating a strong commitment to national growth, supporting local industries, and ensuring that the wealth generated from Nigeria’s natural resources directly benefits the country’s economy.

He further noted that this policy provides a valuable opportunity for NNPCL, Dangote Refinery, and other domestic producers to optimize their business strategies, making production more affordable, sustainable, and of higher quality for the nation’s benefit.