Naira appreciates to N1,715 in Parallel Market, depreciates in NAFEM

The Naira witnessed a slight appreciation in the parallel market yesterday, strengthening to N1,715 per dollar from N1,725 recorded last weekend.

However, in the Nigerian Autonomous Foreign Exchange Market (NAFEM), the currency depreciated to N1,603.16 per dollar from last Friday’s rate of N1,600.78, reflecting a N2.38 drop.

Data from FMDQ highlighted the indicative exchange rate decline in NAFEM, as well as a 2.4% growth in dollar trading volume, which rose to $359.22 million from $350.72 million last weekend.

With these movements, the margin between the parallel market and NAFEM rates narrowed to N111.84 per dollar, compared to N124.22 per dollar recorded last Friday.