The Naira experienced a decline yesterday, dropping to N1,205 per dollar in the parallel market compared to N1,185 per dollar last Friday.
However, the Naira saw an uptick, reaching N864.29 per dollar in the Nigerian Foreign Exchange Market (NAFEM).
Data obtained from FMDQ revealed that the indicative exchange rate for NAFEM decreased to N864.29 per dollar, marking a 21% or N234.76 appreciation for the Naira compared to the rate of N1,099.05 per dollar recorded last weekend.
Consequently, the disparity between the official and parallel market exchange rates widened to N340.71 per dollar yesterday, up from N85.95 per dollar the previous Friday.
The volume of dollars traded (turnover) on NAFEM experienced a 4.04% increase, reaching $560.39 million last week, compared to $584.02 million the week before.