The Naira depreciated to N1,600 per dollar in the parallel market yesterday, down from N1,590 over the weekend.
Conversely, the Naira appreciated to N1,607.15 per dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEM).
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Data from FMDQ indicated that the indicative exchange rate for NAFEM dropped to N1,607.15 per dollar from N1,617.08 per dollar last Friday, marking a N9.93 appreciation for the Naira.
However, the volume of dollars traded in the market decreased by 41.3 percent to $77.09 million, compared to $131.55 million traded over the weekend.
As a result, the margin between the parallel market and NAFEM rates narrowed to N7.15 per dollar from N27.08 per dollar last Friday.
