The Naira yesterday appreciated in the parallel market to N1,580 per dollar, up from N1,610 per dollar the previous Friday. However, in the Nigerian Autonomous Foreign Exchange Market (NAFEM), the Naira depreciated to N1,611.4 per dollar from N1,609.29 per dollar over the weekend, reflecting a N2.11 decline.
Data from FMDQ revealed that the indicative exchange rate for NAFEM increased to N1,611.4 per dollar, up from N1,609.29 per dollar, representing a N2.11 depreciation.
The volume of dollars traded in the market rose by 6.3 percent to $179.34 million, compared to $168.63 million traded the previous weekend. As a result, the gap between the parallel market rate and the NAFEM rate expanded to N31.4 per dollar, up from 71 kobo per dollar the previous Friday.