The Naira yesterday appreciated in the parallel market, rising to N1,510 per dollar from N1,515 per dollar last Friday. However, in the Nigerian Autonomous Foreign Exchange Market (NAFEM), the Naira depreciated to N1,508.99 per dollar.
According to data from FMDQ, the indicative exchange rate for NAFEM decreased to N1,508.99 per dollar from N1,505.3 per dollar last weekend, reflecting a N3.69 depreciation for the Naira. Additionally, the volume of dollars traded in the market dropped by 34.9 percent to $122.31 million from $187.82 million last Friday.
As a result, the margin between the parallel market and NAFEM rates narrowed to N1.01 per dollar from N9.7 per dollar last weekend.