Economy
Naira Weakens in Parallel Market, Official Rate Shows Improvement
In the parallel market, the Naira weakened further, closing at N1,660 per dollar on Monday, a depreciation from last week’s rate of N1,645. This development reflects continued pressure on the Nigerian currency in informal trading channels.
Meanwhile, the Naira showed signs of recovery in the Nigerian Autonomous Foreign Exchange Market (NAFEM), appreciating to N1,580.46 per dollar. This marks a gain from the previous week’s rate of N1,593.32, representing a N12.86 improvement.
Data from FMDQ indicated a 22% drop in trading volume within NAFEM, with total transactions falling to $197.37 million, down from $254.17 million recorded the previous week.
As a result, the gap between the parallel market and the official NAFEM rate widened to N79.54, compared to last week’s margin of N51.68 per dollar, highlighting the growing disparity between the two markets.