The Naira depreciated to N1,635.15 per dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEM).
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According to data from FMDQ, the indicative exchange rate for NAFEM increased to N1,635.15 per dollar from N1,631.21 per dollar last Friday, marking a N3.94 drop for the Naira. However, in the parallel market, the Naira strengthened to N1,660 per dollar, up from N1,665 per dollar last weekend.
The volume of dollars traded in the official market decreased by 47%, falling to $126.24 million from $238.36 million traded over the weekend. As a result, the gap between the parallel market rate and the NAFEM rate narrowed to N24.85 per dollar, down from N33.79 per dollar last Friday.