The Naira fell Yesterday, to N1,585 per dollar in the parallel market, down from N1,575 last Friday. Similarly, the Naira rose to N1,500.32 per dollar in the Nigerian Autonomous Foreign Exchange Market, or NAFEM.
According to FMDQ data, the indicative exchange rate for NAFEM fell to N1,500.32 per dollar from N1,596.92 per dollar last weekend, indicating a naira appreciation of N96.6. The market’s dollar volume (turnover) increased by 7.6 percent to $269.88 million, up from $250.67 million traded last Friday.
As a result, the gap between parallel market and NAFEM rates widened to N84.64 per dollar from N21.92 last weekend.
