Economy
Naira Slips to N1,265/$ in Parallel Market, Appreciates in NAFEM
The Nigerian naira witnessed contrasting trends in various foreign exchange markets. The parallel market saw a decline as the naira slipped to N1,265 against the US dollar, compared to N1,260 the previous week.
However, in the Nigerian Foreign Exchange Market (NAFEM), the naira took a different turn, depreciating to N838.95 per dollar. Notably, data from FMDQ revealed an encouraging shift in the indicative exchange rate for NAFEM, which fell from N890.54 to N838.95 per dollar, signaling a commendable N51.59 appreciation for the national currency.
Consequently, this disparity contributed to a widening gap between the official and parallel market exchange rates. The gap expanded to N426.05 per dollar, up from N369.46 per dollar observed during the preceding weekend.
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