The Naira experienced a depreciation in the parallel market yesterday, dropping to N1,600 per dollar from N1,590 per dollar over the weekend. However, in the Nigerian Autonomous Foreign Exchange Market (NAFEM), the Naira appreciated slightly, reaching N1,579.22 per dollar from N1,579.89 per dollar last Friday, showing a 67 kobo gain.
According to data from FMDQ, the volume of dollars traded in the market increased by 41.4%, rising to $162.99 million from $115.23 million over the weekend. As a result, the gap between the parallel market and the NAFEM exchange rates widened to N20.78 per dollar from N10.11 per dollar last Friday.
