In the parallel market, the value of the Naira increased from N1,740 per dollar last weekend to N1,730 per dollar yesterday.
However, in the Nigerian Autonomous Foreign Exchange Market, or NAFEM, the value of the Naira fell to N1,681.42 per dollar.
According to data from FMDQ, the naira depreciated by N2.55 last Friday, as the indicative exchange rate for NAFEM increased to N1,681.42 per dollar from N1,678.87 per dollar the previous Friday.
As a result, last Friday’s difference between the parallel market and NAFEM rates decreased from N61.13 to N48.58 per dollar.
Afrinvest West Africa Limited analysts, however, forecast a mixed performance for this week’s foreign exchange rate.
“Last week, the domestic currency’s trading performance was inconsistent.
“The domestic currency had mixed trading performance last week. This week, we expect the Naira to trade within a similar band, though recent rate cuts in major economies have strengthened the case for carry trade opportunities in Emerging markets and Developing Economies, EMDEs, especially those with relatively stable exchange rates. “
