The Naira experienced an appreciation on Monday, October 21, rising to ₦1,715 per dollar in the parallel market, up from ₦1,725 per dollar recorded last weekend.
Conversely, in the Nigerian Autonomous Foreign Exchange Market (NAFEM), the Naira depreciated to ₦1,603.16 per dollar.
According to data from FMDQ, the indicative exchange rate for NAFEM decreased to ₦1,603.16 per dollar, down from ₦1,600.78 per dollar the previous Friday, reflecting a depreciation of ₦2.38 for the Naira.
The volume of dollars traded increased by 2.4 percent in the official market, reaching $359.22 million compared to $350.72 million traded the prior weekend.
As a result, the gap between the parallel market rate and the NAFEM rate narrowed to ₦111.84 per dollar, down from ₦124.22 per dollar the previous Friday.
