The Naira appreciated yesterday in the parallel market, climbing to N1,725 per dollar from last Friday’s rate of N1,735.
However, in the Nigerian Autonomous Foreign Exchange Market (NAFEM), the currency saw a decline, depreciating to N1,676.9 per dollar from N1,666.72 last weekend, representing a N10.18 drop.
According to data from FMDQ, the turnover in the official FX market also experienced a decrease, with dollar trading volume falling by 15.6 percent to $79.47 million, down from $94.2 million recorded last Friday.
As a result, the margin between the parallel market rate and the NAFEM rate narrowed, with the difference closing at N48.1 per dollar compared to last weekend’s N68.28 per dollar.
