Naira Drops to 1,600/$ in The Parallel Market.
On Tuesday, the Naira depreciated to N1,600 per dollar in the parallel market, down from N1,590 last weekend, while appreciating to N1,579.22 per dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEM). This market allows forex transactions at rates determined by current conditions.
Data from FMDQ showed the NAFEM rate fell to N1,579.22 per dollar, a decrease from N1,579.89 last Friday, marking a 67 kobo gain for the Naira.
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Trading volume surged by 41.4 percent, rising to $162.99 million from $115.23 million last weekend. This increase widened the margin between the parallel market and NAFEM rate to N20.78 per dollar, compared to N10.11 the previous Friday.
