On the evening of Monday, October 21, the Nigerian Naira strengthened in the parallel market, rising to N1,715 per dollar from N1,725 over the previous weekend. However, it weakened in the Nigerian Autonomous Foreign Exchange Market (NAFEM), dropping to N1,603.16 per dollar.
FMDQ data showed that the indicative exchange rate for NAFEM fell to N1,603.16 per dollar from N1,600.78 last Friday, representing a N2.38 loss for the naira.
Meanwhile, the volume of dollars traded in the official market increased by 2.4 percent, reaching $359.22 million, up from $350.72 million last weekend. This reduced the gap between the parallel market and NAFEM rates to N111.84 per dollar from N124.22 per dollar last Friday.