NAIRA DROPS TO N1,600/$ IN UNOFFICIAL MARKET

The Naira slipped to N1,600 per dollar in the parallel market on Tuesday, declining from N1,590 per dollar observed last weekend.

Conversely, the Naira strengthened in the Nigerian Autonomous Foreign Exchange Market (NAFEM), reaching N1,579.22 per dollar.

NAFEM is the market segment where investors, exporters, and end-users engage in forex transactions, with exchange rates set by prevailing market conditions.

According to data from FMDQ, the indicative exchange rate for NAFEM improved to N1,579.22 per dollar from N1,579.89 per dollar last Friday, resulting in a 67 kobo gain for the Naira.

Additionally, the dollar trading volume in the market soared by 41.4%, climbing to $162.99 million from $115.23 million last weekend. This led to a wider gap between the parallel market rate and the NAFEM rate, now standing at N20.78 per dollar, compared to N10.11 per dollar last Friday.