Business
Naira Appreciates in Parallel, Official Foreign Exchange Markets
The Naira has appreciated to N1,680 per dollar in the parallel market, marking a slight improvement from N1,690 per dollar recorded last weekend.
In addition, the Naira gained value in the Nigerian Autonomous Foreign Exchange Market (NAFEM), appreciating to N1,552.92 per dollar. According to data from FMDQ, this represents an N88.35 rise from last weekend’s rate of N1,641.27 per dollar.
However, the volume of dollars traded in the official market saw a significant drop, declining by 44% to $343.71 million, down from $616.73 million traded the previous Friday.
As a result, the gap between the parallel market and the NAFEM exchange rates has widened, now standing at N127.08 per dollar, compared to N48.73 per dollar last weekend.
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