Naira increases to N1,640/$ in parallel market

The Naira depreciated yesterday in the parallel market, falling to N1,640 per dollar from N1,650 per dollar on Thursday.

Similarly, in the Nigerian Autonomous Foreign Exchange Market (NAFEM), the Naira weakened to N1,541.52 per dollar.

According to data from FMDQ, the indicative exchange rate for NAFEM dropped to N1,541.52 per dollar, down from N1,544.02 per dollar on Thursday, reflecting a N2.5 appreciation for the Naira.

Dollar trading volume (turnover) in the official market saw a significant decline of 117.7 percent, dropping to $190.57 million from $87.51 million on Thursday.

As a result, the gap between the parallel market and the NAFEM rate narrowed to N98.48 per dollar, compared to N105.98 per dollar on Thursday.