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The Naira experienced contrasting movements in the foreign exchange markets yesterday. In the parallel market, the Naira appreciated to N1,715 per dollar, up from N1,725 per dollar over the weekend.
Conversely, in the Nigerian Autonomous Foreign Exchange Market (NAFEM), the Naira depreciated to N1,603.16 per dollar, down from N1,600.78 per dollar last Friday, reflecting a depreciation of N2.38.
Data from FMDQ indicated that the volume of dollars traded in the official market increased by 2.4%, rising to $359.22 million from $350.72 million traded last weekend. This growth in trading volume comes amidst the narrowing margin between the parallel market and the NAFEM rate, which decreased to N111.84 per dollar from N124.22 per dollar last week.