The Naira experienced an appreciation in value yesterday, with its exchange rate against the US dollar improving to N1,580 in the parallel market, up from N1,585 last weekend ¹.
Similarly, in the Nigerian Autonomous Foreign Exchange Market (NAFEM), the Naira appreciated to N1,570.99 per dollar, down from N1,574.2 per dollar last Friday, indicating a N3.21 gain ¹. According to data from FMDQ, the total volume of dollars traded in the market decreased by 23.7% to $246.44 million, down from $323.11 million last weekend ¹. As a result, the difference between the parallel market and NAFEM rates widened to N10.8 per dollar, up from N9.01 per dollar last Friday .
