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The Naira weakened yesterday in the parallel market, dropping to N1,660 per dollar compared to N1,645 per dollar last Friday.
However, in the Nigerian Autonomous Foreign Exchange Market (NAFEM), the currency strengthened, appreciating to N1,580.46 per dollar.
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According to data from FMDQ, the indicative exchange rate for NAFEM decreased to N1,580.46 per dollar from N1,593.32 per dollar last weekend, reflecting a gain of N12.86 for the Naira. Meanwhile, the volume of dollars traded in the market fell by 22 percent, down to $197.37 million from $254.17 million traded the previous weekend.
As a result, the gap between the parallel market rate and the NAFEM rate widened to N79.54 per dollar, up from N51.68 per dollar last Friday.
