The Naira Records Mixed Performance in Forex Markets
In the parallel market, the Naira on Wednesday, witnessed a depreciation, reaching N1,230 per dollar compared to N1,225 per dollar last week Friday.
Contrastingly, in the official Nigerian Foreign Exchange Market (NAFEM), the Naira appreciated to N872.59 per dollar, as indicated by data from FMDQ. This reflects a notable improvement from the previous rate of N885.88 per dollar over the weekend, marking a N13.29 appreciation for the Naira.
As a result of these movements, the gap between the official and parallel market exchange rates widened to N357.41 per dollar, up from N339.12 per dollar last week Friday. The trading volume on the NAFEM window increased by 39 percent, reaching $127.93 million compared to $92.16 million traded during the preceding weekend.