Naira Appreciates to N1,680 in Parallel Market, Gains N88.35 in NAFEM

The Naira appreciated yesterday to N1,680 per dollar in the parallel market, a slight improvement from the N1,690 per dollar rate recorded last weekend. Similarly, in the Nigerian Autonomous Foreign Exchange Market (NAFEM), the Naira strengthened to N1,552.92 per dollar, gaining N88.35 from its previous rate of N1,641.27 per dollar.

According to data from FMDQ, the total dollar turnover in the official market fell by 44%, from $616.73 million last Friday to $343.71 million. This drop in dollar volume contributed to the widening gap between the parallel market and NAFEM rates, with the margin increasing to N127.08 per dollar from N48.73 last weekend.