The naira experienced a decline in value, reaching N1,250 per dollar in the parallel market and dropping from N1,240 per dollar over the weekend. Similarly, in the Nigerian Foreign Exchange Market (NAFEM), it depreciated to N988.46 per dollar.
According to data from FMDQ, the indicative exchange rate in NAFEM increased to N988.46 per dollar from N907.11 last Friday, reflecting an N81.35 depreciation for the naira.
Consequently, the gap between official and parallel market exchange rates decreased to N261.54 per dollar from N332.89 per dollar last Friday.
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