Yesterday, the Naira strengthened in the parallel market to N1,580 per dollar up from N1,585 per dollar over the weekend.
In the Nigerian Autonomous Foreign Exchange Market (NAFEM), the Naira appreciated to N1,570.99 per dollar, down from N1,574.20 per dollar last Friday, according to FMDQ data. This represents a N3.21 improvement in the Naira’s value.
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The volume of dollars traded in the market fell by 23.7%, decreasing to $246.44 million from $323.11 million traded last weekend.
As a result, the gap between the parallel market rate and the NAFEM rate widened to N10.80 per dollar, up from N9.01 per dollar the previous Friday.
