The Naira appreciated in the parallel market on Monday, rising to N1,725 per dollar from last week’s rate of N1,735 per dollar. However, in the Nigerian Autonomous Foreign Exchange Market (NAFEM), the currency experienced a depreciation, falling to N1,676.9 per dollar compared to last Friday’s N1,666.72 per dollar—a decline of N10.18.
According to data from FMDQ, dollar turnover in the official market dropped by 15.6%, with $79.47 million traded, down from $94.2 million last Friday.
As a result, the spread between the parallel market and NAFEM rates narrowed, with the margin decreasing to N48.1 per dollar from last weekend’s N68.28 per dollar.
