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Naira Strengthens Against Dollar In Parallel Market

Yesterday, the naira strengthened to N1,350 per dollar in the parallel market, up from N1,370 per dollar last week. Simultaneously, the naira weakened to N925.34 per dollar in the Nigerian Foreign Exchange Market (NAFEM).

Data from FMDQ revealed that the indicative exchange rate for NAFEM increased to N925.34 per dollar from N902.45 per dollar the previous weekend, indicating a depreciation of N22.89 for the naira.

As a result, the gap between the official and parallel market exchange rates narrowed to N397.92 per dollar yesterday, compared to N467.55 per dollar the previous weekend. The volume of dollars traded on the window decreased by 12 percent to $565.82 million last week from $645.97 million the week before.

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