See the Value of Nigeria Naira against US Dollars in Parallel Market
Yesterday, the Naira fell to N1,635 per dollar in the parallel market, down from N1,625 per dollar observed over the weekend. In contrast, the Naira strengthened in the Nigerian Autonomous Foreign Exchange Market (NAFEM), reaching N1,585.77 per dollar, up from N1,598.56 per dollar the previous weekend.Â
Data from FMDQ indicated that the NAFEM exchange rate improved by N12.79, reflecting a stronger Naira. Meanwhile, trading volume in this market dropped significantly by 58.8%, falling to $71.18 million from $172.8 million traded last Friday.
As a result, the gap between the parallel market rate and the NAFEM rate widened to N49.23 per dollar, compared to N26.44 per dollar at the end of last week.
