Naira depreciates to N1,600 per Dollar in parallel market, appreciates in NAFEM

The Naira depreciated to N1,600 per dollar in the parallel market yesterday, down from N1,590 per dollar over the weekend.

However, in the Nigerian Autonomous Foreign Exchange Market (NAFEM), the Naira appreciated slightly, reaching N1,579.22 per dollar, up from N1,579.89 per dollar last Friday, reflecting a 67 kobo gain.

Data from FMDQ revealed that the volume of dollars traded in the market surged by 41.4%, increasing to $162.99 million from $115.23 million over the weekend.

As a result, the gap between the parallel market and NAFEM exchange rates widened to N20.78 per dollar, compared to N10.11 per dollar last Friday.