The Naira yesterday weakened to N1,656.49 per dollar in the Nigerian Autonomous Foreign Exchange Market, NAFEM,.
According to data from FMDQ, the indicative exchange rate for NAFEM climbed to N1,656.49 per dollar, up from N1,546.51 per dollar recorded last Friday, marking a depreciation of N109.98 for the Naira.
Despite this, the Naira saw some appreciation in the parallel market, strengthening to N1,640 per dollar from N1,660 per dollar over the weekend.
As a result, the gap between the parallel market and the NAFEM rate narrowed to N16.49 per dollar, compared to N113.59 per dollar last Friday.