The Naira dropped in value to N1,635 per dollar in the parallel market, down from N1,625 per dollar last weekend. However, it appreciated in the Nigerian Autonomous Foreign Exchange Market (NAFEM), improving to N1,585.77 per dollar from last weekend’s rate of N1,598.56, showing a gain of N12.79.
According to FMDQ data, the volume of dollars traded in NAFEM decreased by 58.8%, with $71.18 million traded compared to $172.8 million last Friday. This change caused the gap between the parallel market and NAFEM rates to widen to N49.23 per dollar from N26.44 per dollar.