Yesterday, the Naira depreciated to N1,660 per dollar in the parallel market, down from N1,645 the previous Friday. In contrast, the Naira appreciated to N1,580.46 per dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEM), rising from N1,593.32 the previous weekend. This change reflects a N12.86 improvement in the NAFEM rate.
Additionally, dollar trading volume in the market dropped by 22%, falling to $197.37 million from $254.17 million. As a result, the difference between the parallel market rate and the NAFEM rate widened to N79.54 per dollar from N51.68 the previous week.