Naira appreciates to N1,350/$ in parallel market

Yesterday, the Nigerian naira strengthened to N1,350 per dollar in the parallel market, compared to N1,370 per dollar the previous week. However, in the Nigerian Foreign Exchange Market (NAFEM), the naira weakened to N925.34 per dollar, indicating a depreciation of N22.89. As a result, the gap between the official and parallel market exchange rates narrowed to N397.92 per dollar. 

The volume of dollars traded on the NAFEM decreased by 12 percent to $565.82 million last week from $645.97 million the previous week, according to data from FMDQ.

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