The naira recorded a massive gain against the United States Dollar on Wednesday at the parallel market.The local currency appreciated to N1,700 per dollar at the parallel market also known as the black market. This represents N30 gain when compared to N1,730 recorded at the previous trading day.
Meanwhile, the naira maintained stability for the third straight day at the official segment of the foreign exchange market. According to data obtained from the FMDQ Securities Exchange platform, the Nigerian Autonomous Foreign Exchange Market (NAFEM) rate remained at N1672.69 per dollar, the same rate quoted since Friday, 29 November 2024. However, the Nigerian Autonomous Foreign Exchange Market Fixing (NAFEX) rate showed that the naira gained by 0.9 percent as the dollar was quoted at N1,658.36 on Wednesday, 3 December 2024.
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Prime Business Africa reports that this comes a few days after the Central Bank of Nigeria (CBN) commenced the implementation of the new FX rules. The apex bank had on Monday, 2 December begun the Electronic Foreign Exchange Matching System (EFEMS) to reduce speculation and increase transparency in Nigeria’s FX market.
The EFEMS which is an electronic platform, promotes fairness and efficiency in FX trading as it automatically matches buy and sell orders. Real-time buy and sell orders can be placed by licensed dealers, including commercial banks, via the EFEMS system. Transactions are matched automatically according to preset rules, guaranteeing quick execution and real-time visibility for regulators and market players.
Victor Ezeja is a passionate journalist with seven years of experience writing on economy, politics and energy. He holds a Master's degree in Mass Communication.
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