The Naira depreciated to N1,585 per dollar in the parallel market on Monday, down from N1,575 last Friday. However, it appreciated to N1,500.32 per dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEM).
According to data from FMDQ, the indicative exchange rate for NAFEM fell to N1,500.32 per dollar from N1,596.92 per dollar last weekend, marking a significant appreciation of N96.6 for the Naira. The volume of dollars traded in the market grew by 7.6 percent, reaching $269.88 million, up from $250.67 million traded last Friday.
As a result, the margin between the parallel market and NAFEM rates widened to N84.64 per dollar from N21.92 last weekend.
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