The Nigerian Naira gained ground in the parallel market yesterday, appreciating to N1,680 per dollar from the N1,690 rate recorded over the past weekend.
In the Nigerian Autonomous Foreign Exchange Market (NAFEM), the Naira also saw improvement, reaching N1,552.92 per dollar. This marked a notable appreciation compared to the N1,641.27 per dollar seen at the close of last week, according to data from the FMDQ. This shows the Naira appreciated by N88.35 in NAFEM.
However, the volume of dollar transactions (turnover) in the official market experienced a sharp decline, dropping by 44% to $343.71 million from $616.73 million traded last Friday.
As a result, the gap between the exchange rates in the parallel market and NAFEM widened significantly. The margin rose to N127.08 per dollar from the previous N48.73 recorded over the weekend.
