The Naira weakened in the parallel market today, dropping to N1,585 per dollar from N1,550 per dollar on Monday.
However, the Naira appreciated
to N1,525 per dollar in the official foreign exchange market.
Data from the Daily Nigerian
Foreign Exchange Market (NFEM) published by the Central Bank of Nigeria, CBN,
showed that the indicative exchange rate for the naira fell to N1,525 per
dollar from N1,538 per dollar on Monday, indicating N13 appreciation.
According to data from FMDQ,
the volume of dollars traded on the Nigerian Autonomous Foreign Exchange
Market, NAFEM, rose by 129 percent to $401.17 million from N175.15 million
traded on Monday.
Consequently, the margin
between the parallel market and NFEM rate widened to N60 per dollar from N12
per dollar on Monday.
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