Economy
Naira Weakens in Parallel Market as Official Exchange Rate Sees Marginal Gains
The Naira experienced a sharp depreciation in the parallel market yesterday, dropping to N1,600 per dollar from N1,590 over the weekend. This decline highlights the ongoing volatility in Nigeria’s foreign exchange markets.
In contrast, the Naira saw a slight appreciation in the Nigerian Autonomous Foreign Exchange Market (NAFEM), where it rose to N1,579.22 per dollar. This is an improvement from last week’s rate of N1,579.89 per dollar, reflecting a modest gain of 67 kobo, according to data from FMDQ.
The volume of dollars traded in the market also saw a significant increase, rising by 41.4% to $162.99 million from $115.23 million the previous weekend. As a result of these fluctuations, the disparity between the parallel market rate and the NAFEM rate widened considerably, expanding to N20.78 per dollar from last Friday’s margin of N10.11 per dollar.
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