Economy
Parallel Market Pressure: Naira Falls Again
The Naira experienced a notable depreciation in the parallel market yesterday, falling from N1,575 per dollar last Friday to N1,585 per dollar. Conversely, it showed appreciation in the Nigerian Autonomous Foreign Exchange Market (NAFEM), where it strengthened to N1,500.32 per dollar.
According to data from FMDQ, the indicative exchange rate for NAFEM improved significantly, rising from N1,596.92 per dollar last weekend to N1,500.32 per dollar, marking a N96.6 gain for the Naira. Additionally, the volume of dollars traded in NAFEM saw a 7.6 percent increase, reaching $269.88 million compared to $250.67 million last Friday.
As a result, the gap between the parallel market rate and the NAFEM rate has widened substantially, moving from N21.92 to N84.64 per dollar.