The Naira showed mixed performance in the foreign exchange market yesterday, appreciating to N1,730 per dollar in the parallel market, up from N1,740 per dollar over the weekend. However, in the Nigerian Autonomous Foreign Exchange Market (NAFEM), the Naira depreciated, settling at N1,670.65 per dollar, a significant decline from N1,600 per dollar last Friday, marking a depreciation of N70.65.
Additionally, the volume of dollars traded in the official market saw a substantial drop, declining by 71.5 percent to $81.17 million, compared to $284.93 million traded the previous weekend. This fluctuation led to a narrowing of the margin between the parallel market and the NAFEM rate, which decreased to N59.35 per dollar, down from N140 per dollar last Friday
