Economy
Exchange Rates Diverge: Naira Weakens in Parallel Market but Strengthens Officially
The Naira experienced a depreciation, reaching N1,600 per dollar in the parallel market, a decline from N1,590 recorded last weekend.
Conversely, the Naira appreciated slightly in the Nigerian Autonomous Foreign Exchange Market (NAFEM), achieving a rate of N1,607.15 per dollar.
According to data from FMDQ, the indicative exchange rate for NAFEM improved to N1,607.15 per dollar, up from N1,617.08 per dollar last Friday, marking a N9.93 appreciation.
Despite this, the market saw a significant drop in the volume of dollars traded, which fell by 41.3 percent to $77.09 million, down from $131.55 million the previous weekend.
As a result, the disparity between the parallel market and NAFEM rates has narrowed, now standing at N7.15 per dollar compared to N27.08 per dollar last Friday.
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