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The Nigerian Naira saw a notable appreciation in both the parallel and official exchange markets on Monday
In the parallel market, the Naira strengthened to N1,680 per dollar, compared to the N1,690 rate recorded over the past weekend.
Similarly, in the Nigerian Autonomous Foreign Exchange Market (NAFEM), the Naira appreciated to N1,552.92 per dollar, a significant improvement from the N1,641.27 per dollar rate last weekend.
This represents an N88.35 gain for the local currency, according to data from the Financial Markets Dealers Quotations (FMDQ).
However, despite the appreciation of the Naira, the volume of dollars traded in the official market experienced a sharp decline.
The turnover dropped by 44%, with only $343.71 million traded, compared to $616.73 million traded last week Friday.
This development has led to an increased gap between the parallel market and NAFEM rates.
The margin widened to N127.08 per dollar, up from N48.73 per dollar last weekend.
The fluctuations in the exchange rate come amid ongoing efforts to stabilize Nigeria’s foreign exchange market.
