Naira Falls to N1,600/$ in Parallel Market

The Naira weakened to N1,600 per dollar in the parallel market yesterday, dropping from N1,590 per dollar last weekend.

Meanwhile, the Naira improved slightly in the Nigerian Autonomous Foreign Exchange Market (NAFEM), appreciating to N1,579.22 per dollar. Data from FMDQ revealed that the indicative exchange rate for NAFEM dropped to N1,579.22 per dollar from N1,579.89 per dollar on Friday, marking a 67 kobo gain for the Naira.

Dollar trading volume in the market surged by 41.4% to $162.99 million from $115.23 million last weekend, which widened the gap between the parallel market and NAFEM rates to N20.78 per dollar, compared to N10.11 per dollar the previous Friday.

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