Naira jumps to N1,580/$ in parallel market

Yesterday, the Naira appreciated to N1,580 per dollar in the parallel market, down from N1,610 per dollar last Friday.

However, in the Nigerian Autonomous Foreign Exchange Market (NAFEM), the Naira depreciated to N1,611.4 per dollar from N1,609.29 per dollar over the weekend, marking a N2.11 decline.

According to data from FMDQ, the indicative exchange rate for NAFEM rose, and the turnover in the market increased by 6.3 percent to $179.34 million from $168.63 million last weekend.

As a result, the margin between the parallel market and the NAFEM rate widened to N31.4 per dollar from 71 kobo per dollar last Friday.