EFEMS TRANSPARENCY BOOSTS NAIRA DEMAND IN PARALLEL MARKET naira demand in the parallel market

The value of the Naira improved in the official and parallel markets as demand for the dollar declined. 

Data from the Central Bank of Nigeria indicates that the naira appreciated by 0.85% to gain N13 in the Electronic Foreign Exchange Matching System  (EFEMS). 

Buyers stated the dollar at N1,532 on Thursday, December 12, 2024 relative to N1,545 recorded the previous day. 

In the parallel segment of the foreign exchange market, the naira also appreciated, trading at N1,680 per dollar as against the N1,715 recorded on Wednesday, December 11, 2024. 

Analysts say the gain was due to moderate demand for the US dollar despite the presence of speculators in the black market. 

Authorized dealers in the official market priced the dollar at a high of N1,550 on Thursday, December 12 2024, higher than the N1,557 recorded the previous day. 

Dealers quoted the dollar at an intra-day low of N1,515 the same rate as the previous day. 

Experts believe the naira rally on Thursday, December 11, 2024, was due to different factors, including the newly introduced EFEMS and dollar glut in the FX markets.