According to FMDQ data, the indicative exchange rate for NAFEM increased to N1,611.4 per dollar from N1,609.29 per dollar over the weekend, indicating that the naira depreciated by N2.11.
The market’s dollar volume (turnover) increased by 6.3 percent to $179.34 million, up from $168.63 million the previous weekend. As a result, the gap between the parallel market and the NAFEM rate increased to N31.4 per dollar, up from 71 kobo per dollar last week Friday.
