Naira falls to N1600/$ at parallel market
In the parallel market, the value of the Naira dropped from N1,590 last weekend to N1,600 per dollar yesterday.
However, in the Nigerian Autonomous Foreign Exchange Market, or NAFEM, yesterday, the value of the Naira increased to N1,607.15 per dollar.
The indicated exchange rate for NAFEM dropped to N1,607.15 per dollar from N1,617.08 per dollar last Friday, according to data from FMDQ, showing a N9.93 appreciation for the naira.
From $131.55 million exchanged the previous weekend to $77.09 million this weekend, the amount of dollars moved in the market fell by 41.3%.
As a result, last Friday's difference between the parallel market and NAFEM rate dropped to N7.15 per dollar from N27.08 per dollar.
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