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Naira appreciates to N1,580/$ at parallel market
From N1,610 per dollar last Friday, the Naira strengthened to N1, 580 per dollar in the parallel market yesterday. However, the Nigerian Autonomous Foreign Exchange Market, or NAFEM, saw a depreciation of the Naira yesterday, with one dollar worth N1,611.4.
The indicative exchange rate for NAFEM increased over the weekend from N1,609.29 to N1,611.4 per dollar, according to data from FMDQ, indicating a N2.11 devaluation of the naira.
From $168.63 million traded over the previous weekend to $179.34 million this week, the market's volume of dollars moved (turnover) climbed by 6.3 percent. As a result, last Friday's differential between the NAFEM rate and the parallel market increased to N31.4 per dollar from 71 kobo per dollar.
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