The naira demonstrated a dual trend in the financial markets, appreciating to N1,350 per dollar in the parallel market from N1,370 per dollar last week. Conversely, it experienced a depreciation in the Nigerian Foreign Exchange Market (NAFEM), sliding to N925.34 per dollar from N902.45 per dollar over the weekend, marking a N22.89 drop.
Data sourced from FMDQ revealed that the indicative exchange rate for NAFEM showed the noted depreciation.
As a result, the gap between the official and parallel market exchange rates contracted, narrowing to N397.92 per dollar yesterday compared to N467.55 per dollar the previous weekend. The trading volume of dollars on the window registered a 12% decline, falling from $645.97 million to $565.82 million last week.
