The Naira appreciated to N1,725 per dollar in the parallel market yesterday, improving from last Friday’s rate of N1,735 per dollar. However, in the Nigerian Autonomous Foreign Exchange Market (NAFEM), the currency saw a decline, weakening to N1,676.9 per dollar from the previous rate of N1,666.72, marking a depreciation of N10.18.

Data from FMDQ showed that dollar trading volume in the official market also dropped, with turnover declining by 15.6% from $94.2 million last week to $79.47 million yesterday. This reduction in trading activity contributed to a narrowing gap between the NAFEM and parallel market rates, reducing the difference to N48.1 per dollar from N68.28 last weekend.

The recent fluctuations in the Naira’s value highlight ongoing challenges within Nigeria’s foreign exchange markets, with pressures on both the official and parallel exchange rates affecting market stability.