On Monday, the Naira strengthened to N1,580 per dollar in the parallel market, up from N1,585 per dollar over the weekend.
In a similar trend, the Naira rose to N1,570.99 per dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEM) yesterday. According to data from FMDQ, the indicative exchange rate for NAFEM decreased from N1,574.2 per dollar last Friday to N1,570.99 per dollar, reflecting a N3.21 appreciation for the Naira.
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Additionally, the volume of dollars traded in the market fell by 23.7 percent, dropping to $246.44 million from $323.11 million traded last weekend.
As a result, the gap between the parallel market and the NAFEM rate increased to N10.8 per dollar, compared to N9.01 per dollar the previous Friday.
