2-days To Protests Naira Appreciates Massively
Information reaching Ibom Focus says that 2-days To Protests Naira Appreciates Massively
On Monday, the Naira saw a significant improvement in the parallel market, appreciating to N1,580 per dollar from N1,610 per dollar recorded last Friday.
In contrast, the Naira experienced a slight depreciation in the Nigerian Autonomous Foreign Exchange Market (NAFEM), where it fell to N1,611.4 per dollar from N1,609.29 per dollar.
According to FMDQ data, the indicative exchange rate for NAFEM increased by N2.11, highlighting a subtle decline in the Naira’s value. On the other hand, the trading volume of dollars surged by 6.3 percent, reaching $179.34 million compared to $168.63 million from the previous weekend.
As a result, the disparity between the parallel market rate and the NAFEM rate expanded to N31.4 per dollar from just 71 kobo per dollar last Friday, reflecting the growing gap in exchange rates across different markets.
