In the parallel market, the value of the Naira dropped from N1,600 per dollar on Friday of last week to N1,610 per dollar yesterday.
In a similar vein, the Naira lost value on the Nigerian Autonomous Foreign Exchange Market, or NAFEM, yesterday, falling to N1,596.6 per dollar.
The indicative exchange rate for NAFEM increased to N1596.6 per dollar from N1,570.14 per dollar last Friday, according to data from FMDQ, indicating a N26.46 depreciation of the naira. From $120.81 million traded the previous weekend, the amount of dollars traded (turnover) in NAFEM decreased by 17.3 percent to $102.93 million.
As a result, last weekend’s difference between the parallel market and NAFEM rate was reduced to N13.4 per dollar from N29.86 per dollar.
