Economy
Naira Gains Ground in Parallel Market
The Nigerian Naira showed signs of recovery yesterday, appreciating to N1,580 per dollar in the parallel market, a slight improvement from N1,585 per dollar observed last weekend.
In parallel, the Nigerian Autonomous Foreign Exchange Market (NAFEM) also saw the Naira strengthen, reaching N1,570.99 per dollar. Data from FMDQ indicated that the indicative exchange rate for NAFEM dropped to N1,570.99 per dollar from N1,574.2 per dollar last Friday, marking a N3.21 gain for the Naira.
The trading volume in the market experienced a significant decrease, dropping by 23.7 percent to $246.44 million compared to $323.11 million last weekend.
This shift resulted in the margin between the parallel market and NAFEM rate expanding to N10.8 per dollar from N9.01 per dollar last Friday.
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