The Naira appreciated to N1,607.15 per dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEM) yesterday.
According to data from FMDQ, the indicative exchange rate for NAFEM fell to N1,607.15 per dollar from N1,617.08 per dollar last Friday, showing a N9.93 appreciation for the naira.
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The volume of dollars traded in the market declined by 41.3 percent to $77.09 million from $131.55 million traded last weekend.
As a result, the margin between the parallel market and NAFEM rate narrowed to N7.15 per dollar from N27.08 per dollar last Friday.