The Naira shows strength in the parallel market, appreciating against the dollar as exchange rates improve.
The Naira had a minor surge on Monday in the parallel market, reaching N1,580 for every dollar as compared to its previous value of N1,585 per dollar during the past weekend.
In like manner, there was a hike in the value of Naira on the Nigerian Autonomous Foreign Exchange Market (NAFEM), with an appreciation to N1,570.99 per dollar.
According to FMDQ data, the indicative exchange rate for NAFEM decreased from last Friday’s value of N1,574.2 per dollar by N3.21 resulting in an increase in the value of the Naira.
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Nevertheless, there was a noteworthy reduction in the amount of dollars exchanged within the market as it plummeted to $246.44 million from last weekend’s trading value of $323.11 million – reflecting a 23.7 percent decline in trade volume.
Consequently, the difference between the parallel market and NAFEM rate grew wider – reaching N10.8 per dollar compared to last week’s Friday when it was at N9.01 per dollar.
