Yesterday, the Nigerian naira depreciated in the parallel market to N1,230 per dollar, dropping from N1,225 per dollar reported last Friday. Conversely, within the official Nigerian Foreign Exchange Market (NAFEM), the naira strengthened to N872.59 per dollar.
According to FMDQ data, the indicative exchange rate for NAFEM decreased to N872.59 per dollar, showcasing a N13.29 appreciation for the naira compared to last weekend’s rate of N885.88 per dollar.
This shift widened the gap between the official and parallel market exchange rates to N357.41 per dollar from N339.12 per dollar observed last week Friday. Additionally, there was a 39% surge in the volume of dollars traded on the window, reaching $127.93 million compared to $92.16 million traded last weekend.
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