Naira rises to N1,715 in parallel market
Nonetheless, the Naira rose from N1,725 to N1,715 per dollar last weekend to N1,715 per dollar yesterday in the parallel market. However, in the Nigerian Autonomous Foreign Exchange Market, or NAFEM, the value of the Naira dropped to N1,603.16 per dollar yesterday.
According to data from FMDQ, the naira depreciated by N2.38 last Friday, as the indicative exchange rate for NAFEM dropped from N1,600.78 to N1,603.16 per dollar.
In the official market, the amount of dollars traded (turnover) increased from $350.72 million last weekend to $359.22 million, a 2.4% increase.
As a result, last Friday's difference between the NAFEM rate and the parallel market dropped from N124.22 to N111.84 per dollar.
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