In the parallel market, the value of the Naira increased from N1,690 to N1,680 per dollar last weekend to N1,680 yesterday. Similarly, in the Nigerian Autonomous Foreign Exchange Market, or NAFEM, the value of the Naira increased to N1,552.92 per dollar.
According to data from FMDQ, the Naira appreciated by N88.35 last weekend, as the indicative exchange rate for NAFEM dropped from N1,641.27 to N1,552.92 per dollar.
In the official market, the amount of dollars traded (turnover) decreased by 44% to $343.71 million from $616.73 million last Friday.
As a result, the difference between the NAFEM rate and the parallel market grew from N48.73 to N127.08 per dollar over the previous weekend.
