Naira depreciates to N1,660 in parallel market
In the parallel market, the value of the Naira dropped from N1,645 per dollar last Friday to N1,660 per dollar yesterday.
However, in the Nigerian Autonomous Foreign Exchange Market, or NAFEM, the value of the Naira increased to N1,580.46 per dollar.
The indicative exchange rate for NAFEM dropped from N1,593.32 per dollar last weekend to N1580.46 per dollar, according to data from FMDQ, showing a N12.86 appreciation for the naira.
From $254.17 million traded the previous weekend to $197.37 million this week, the market's turnover, or the volume of dollars traded, fell by 22%.
As a result, on Friday of last week, the difference in value between the NAFEM rate and the parallel market increased to N79.54 per dollar from N51.68 kobo per dollar.
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