The Nigerian Naira faced a decline, reaching N1,170 per dollar in the parallel market on Monday, compared to N1,166 recorded last week Friday. This depreciation stirred concerns among market observers and economic analysts.
However, a contrasting narrative unfolded in the Nigerian Foreign Exchange Market (NAFEM), where the Naira experienced an appreciation, strengthening to N837.77 per dollar from the previous N927.19 last week Friday. This marked a notable N89.42 kobo gain for the national currency.
Data sourced from FMDQ revealed additional insights into the foreign exchange landscape, indicating a 32.8 percent decrease in the volume of dollars traded on NAFEM, plummeting from $110.14 million to $73.93 million in the same period.
Consequently, the gap between the official and parallel market exchange rates widened, standing at N332.23 per dollar on Monday, in contrast to N238.81 per dollar the previous week Friday.
This intricate interplay between the parallel and official markets has spurred discussions among financial experts, who are closely monitoring the implications for the Nigerian economy
