Naira Dips to N1,580/$ in Forex Black Market.

On Monday, the Naira experienced an appreciation in the parallel market, improving to N1,580 per dollar from N1,610 per dollar the previous Friday. However, this positive movement in the parallel market was offset by a depreciation in the Nigerian Autonomous Foreign Exchange Market (NAFEM), where the Naira fell to N1,611.4 per dollar from N1,609.29 per dollar, reflecting a depreciation of N2.11 per dollar.

Data from the Financial Markets Dealers Quote (FMDQ) highlighted this shift, noting an increase in the volume of dollars traded by 6.3%, rising from $168.63 million to $179.34 million. As a result, the gap between the parallel market rate and the NAFEM rate widened significantly to N31.4 per dollar from just 71 kobo the previous week. This widening margin indicates growing disparity between the two exchange rate markets