Business
Naira Gains Slightly in Parallel Market, Loses Ground in NAFEM
The Naira appreciated to N1,735 per dollar in the parallel market yesterday, recovering from N1,740 per dollar last weekend. However, in the Nigerian Autonomous Foreign Exchange Market (NAFEM), the currency experienced a depreciation, closing at N1,690.37 per dollar. This marked a decline from the previous rate of N1,652.25 per dollar last Friday, reflecting a depreciation of N38.12.
Market data from FMDQ revealed a significant drop in dollar trading volume within the NAFEM, with turnover decreasing by 41.6 percent to $173.14 million, compared to $296.63 million traded over the weekend. As a result, the margin between the parallel market and the NAFEM rate tightened, narrowing to N44.63 per dollar from N87.75 per dollar recorded last Friday.