The Naira rose to N1,735 per dollar in the parallel market yesterday, up from N1,740 per dollar the previous weekend. However, the Naira fell to N1,690.37 per dollar in the Nigerian Autonomous Foreign Exchange Market, or NAFEM.
According to FMDQ data, the indicative exchange rate for NAFEM increased to N1,690.37 per dollar from N1,652.25 per dollar last week Friday, implying a naira devaluation of N38.12.
The volume of dollars traded (turnover) in the market fell by 41.6% to $173.14 million from $296.63 million sold last weekend.
As a result, the spread between the parallel market and the NAFEM rate has decreased to N44.63 per dollar, down from N87.75 per dollar last Friday.
