On Monday, the Nigerian naira weakened in the parallel market, shifting from N1,400 per dollar on Friday to N1,407 per dollar. The currency also faced downward pressure in the Nigerian Foreign Exchange Market (NFEM), dropping to N1,364 against the dollar.
Statistics released by the Central Bank of Nigeria indicate that the official exchange rate climbed to N1,364 per dollar, up from the N1,361 reported at the end of last week. This represents a depreciation of N3 for the local currency. As a result, the price gap between the parallel market and the official rate has expanded to N43 per dollar, compared to the N39 spread observed last Friday.
Market activity saw a significant downturn as well, with the interbank turnover at the NFEM plummeting by 55.5 percent. Daily volume fell from N89.03 million last week to N39.6 million yesterday.
