The Naira weakened significantly on Tuesday, falling to N1,600 per dollar in the parallel market, a decline from the N1,590 rate observed last weekend. However, the Naira showed resilience in the Nigerian Autonomous Foreign Exchange Market (NAFEM), appreciating to N1,579.22 per dollar.
NAFEM, a trading platform catering to investors, exporters, and end-users, operates with exchange rates influenced by real-time market conditions. According to data from FMDQ, the indicative exchange rate for NAFEM improved to N1,579.22 per dollar, up from N1,579.89 per dollar last Friday, marking a 67 kobo gain for the Naira.
The volume of dollars traded in the market saw a substantial increase of 41.4%, reaching $162.99 million, compared to $115.23 million last weekend. This surge in trading activity widened the gap between the parallel market and the NAFEM rate to N20.78 per dollar, up from N10.11 per dollar last Friday.
