The Naira’s value fluctuated yesterday, depreciating to N1,600 per dollar in the parallel market from N1,590 last weekend. In contrast, it appreciated to N1,607.15 per dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEM).
According to FMDQ data, NAFEM’s indicative exchange rate dropped to N1,607.15 per dollar from N1,617.08 per dollar last Friday, indicating a N9.93 appreciation for the Naira. However, the volume of dollars traded in the market decreased by 41.3% to $77.09 million from $131.55 million last weekend.
As a result, the margin between the parallel market and NAFEM rate narrowed to N7.15 per dollar from N27.08 per dollar last Friday
