The Naira experienced a notable upturn in the black market on Monday, with an appreciation to N1,580 per dollar from last Friday’s recorded rate of N1,610 per dollar.
On the other hand, a marginal decrease was observed in the Nigerian Autonomous Foreign Exchange Market (NAFEM) as Naira declined to N1,611.4 against dollar from its previous value of N1,609.29 per dollar.
As per FMDQ statistics, NAFEM indicative exchange rate observed a rise of N2.11 signifying a slight decrease in the value of Nigerian currency.
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However, the dollar’s trading volume increased by 6.3 percent to $179.34 million from the previous weekend’s figure of $168.63 million.
Consequently, the difference between the NAFEM rate and parallel market rate widened to N31.4 per dollar from a mere 71 kobo per dollar recorded on Friday, indicating an increasing divergence in exchange rates among various markets.
