The Naira has depreciated to N1,600 per dollar in the parallel market, down from N1,590 last weekend. However, in the Nigerian Autonomous Foreign Exchange Market (NAFEM), the Naira appreciated to N1,607.15 per dollar.
According to data from FMDQ, the indicative exchange rate for NAFEM fell from N1,617.08 per dollar last week Friday, indicating a N9.93 appreciation for the Naira.
Despite this appreciation, the volume of dollars traded in the market declined by 41.3% to $77.09 million, down from $131.55 million traded last weekend.
As a result, the margin between the parallel market and NAFEM rate narrowed to N7.15 per dollar, down from N27.08 per dollar last week Friday.
This development highlights the ongoing volatility in the foreign exchange market, with the Naira experiencing fluctuations in value across different markets.
