Business
Naira Weakens in Parallel Market, Gains in Official Exchange Market
The Nigerian Naira yesterday depreciated to N1,685 per dollar in the parallel market, down from N1,660 recorded on Monday. However, in the Nigerian Autonomous Foreign Exchange Market (NAFEM), the local currency saw a notable appreciation, strengthening to N1,561.76 per dollar, compared to N1,635.15 per dollar earlier in the week.
According to data from FMDQ, this marks a significant N73.39 gain for the Naira in NAFEM. The market also witnessed a surge in dollar trade volume, with a 100.9% increase as turnover rose to $253.68 million, up from $126.24 million on Monday.
As a result, the gap between the parallel market and NAFEM exchange rates has widened substantially, reaching a difference of N123.24 per dollar from the previous N24.85.
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