Yesterday, the Naira weakened to N1,660 per dollar in the parallel market, down from N1,645 per dollar recorded the previous Friday.
Conversely, the Naira appreciated in the Nigerian Autonomous Foreign Exchange Market (NAFEM), reaching N1,580.46 per dollar, as reported by Vanguard. According to FMDQ data, this marks a notable improvement from last weekend’s rate of N1,593.32 per dollar, reflecting a gain of N12.86 for the Naira.
Despite this appreciation, dollar trading volume in the NAFEM market fell by 22 percent, decreasing to $197.37 million from $254.17 million the previous weekend.
As a result, the disparity between the parallel market rate and the NAFEM rate has widened, with the gap increasing to N79.54 per dollar, up from N51.68 per dollar last Friday.
