Yesterday, the Naira depreciated in the parallel market, falling to N1,600 per dollar from N1,590 per dollar over the weekend.
In contrast, the Naira appreciated in the Nigerian Autonomous Foreign Exchange Market (NAFEM), reaching N1,579.22 per dollar.
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According to data from FMDQ, the indicative exchange rate for NAFEM improved from N1,579.89 per dollar last Friday, reflecting a 67 kobo gain for the Naira.
Trading volume in the market surged by 41.4%, increasing to $162.99 million from $115.23 million traded last weekend. As a result, the gap between the parallel market rate and the NAFEM rate expanded to N20.78 per dollar from N10.11 per dollar the previous Friday.
