Economy
Naira Weakens Slightly in Parallel Market but Gains Strength in NAFEM
The Naira has seen a shift in its value across different markets. Yesterday, the Naira depreciated slightly in the parallel market, moving to N1,525 per dollar from N1,520 per dollar over the weekend. Despite this, there was a notable appreciation in the Nigerian Autonomous Foreign Exchange Market (NAFEM), where the Naira strengthened to N1,339.33 per dollar.
Data provided by FMDQ revealed that the indicative exchange rate for NAFEM improved significantly, falling to N1,339.33 per dollar from N1,482.81 per dollar last weekend. This marks an appreciation of N143.48 for the Naira.
As a result, the gap between the parallel market rate and the NAFEM rate has widened. The difference is now N185.67 per dollar, compared to N37.19 per dollar last Friday.
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