The Naira experienced an appreciation yesterday, rising to N1,680 per dollar in the parallel market, up from N1,690 per dollar last weekend. In a similar trend, the Naira improved to N1,552.92 per dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEM).
Data from the FMDQ indicated that the indicative exchange rate for NAFEM decreased to N1,552.92 per dollar from N1,641.27 per dollar last weekend, reflecting an appreciation of N88.35 for the Naira.
However, the volume of dollars traded in the official market saw a significant decline, dropping by 44 percent to $343.71 million from $616.73 million traded the previous Friday. This decline in trading volume contributed to a widening margin between the parallel market and the NAFEM rate, which increased to N127.08 per dollar from N48.73 per dollar last weekend.