The Naira gained value in the parallel market, reaching N1,580 per dollar, up from N1,585 per dollar last weekend.
It also improved in the Nigerian Autonomous Foreign Exchange Market (NAFEM), where the rate fell to N1,570.99 per dollar from N1,574.2 per dollar last Friday.
The volume of dollars traded dropped by 23.7%, going from $323.11 million to $246.44 million. This decline in trade volume coincides with the Naira’s appreciation.
As a result, the difference between the parallel market rate and the NAFEM rate increased to N10.8 per dollar, compared to N9.01 per dollar the previous week.