The Nigerian Naira faced contrasting fates in currency markets. The parallel market recorded a depreciation, with the naira sliding to N1,230 per dollar, a slight dip from N1,225 per dollar the previous week
The naira yesterday depreciated to N1,230 per dollar in the parallel market from N1, 225 per dollar last week Friday.
However, the naira appreciated to N872.59 per dollar in the
official Nigerian Foreign Exchange Market (NAFEM).
Data from FMDQ showed that the indicative exchange rate for
NAFEM fell to N872.59 per dollar from N885.88 per dollar last weekend,
indicating a N13.29 appreciation for the naira.
Consequently, the gap between the official and parallel
market exchange rates widened to N357.41 per dollar yesterday from N339.12 per
dollar last week Friday.
The volume of dollars traded on the window increased by 39
percent to $127.93 million from $92.16 million traded last weekend.
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