On Monday, the Naira strengthened in the parallel market to N1,725 per dollar, marking an improvement from N1,735 per dollar last Friday, SAVANNAH NEWSNOW REPORTS.
Conversely, in the Nigerian Autonomous Foreign Exchange Market (NAFEM), it weakened to N1,676.9 per dollar from N1,666.72, indicating a Naira decline of N10.18.
According to FMDQ data, the official market experienced a significant 15.6 percent decrease in dollar transactions, falling to $79.47 million from the previous week’s $94.2 million.
Consequently, the gap between the parallel market and NAFEM rates narrowed to N48.1 per dollar from last week’s N68.28.
These changes underscore the persistent volatility and challenges in Nigeria’s foreign exchange markets for the Naira amidst economic pressures
