Naira falls to N1, 600/$ in parallel market
In the parallel market, the value of the Naira dropped from N1,590 per dollar last weekend to N1, 600 per dollar yesterday. However, in the Nigerian Autonomous Foreign Exchange Market, or NAFEM, the value of the Naira increased to N1,579.22 per dollar.
The indicated exchange rate for NAFEM dropped to N1,579.22 per dollar from N1,579.89 per dollar last Friday, according to data from FMDQ, showing a 67 kobo appreciation for the naira.
From $115.23 million exchanged the previous weekend to $162.99 million this week, the market's dollar volume jumped by 41.4%.
As a result, on Friday of last week, the difference between the NAFEM rate and parallel market was N20.78 per dollar, up from N10.11 per dollar.
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