The Naira appreciated in the parallel market yesterday, trading at N1,735 per dollar, an improvement from N1,740 per dollar recorded last weekend.
However, in the Nigerian Autonomous Foreign Exchange Market (NAFEM), the Naira weakened to N1,690.37 per dollar, compared to N1,652.25 per dollar last Friday, reflecting a depreciation of N38.12.
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According to data from FMDQ, dollar turnover in NAFEM declined by 41.6%, with $173.14 million traded, down from $296.63 million last weekend.
This reduced trading activity led to a narrowing of the margin between the parallel market and NAFEM rates, now at N44.63 per dollar, compared to N87.75 per dollar last Friday.