By Isreal Agbolade
The value of the Naira (Nigeria’s currency) decreased compared to the US dollar in both the parallel market and the official market (NAFEM).
Parallel Market:
- Naira decreased from N1,530 to N1,535 per dollar (got weaker)
NAFEM (Official Market): - Naira decreased from N1,509.67 to N1,523.85 per dollar (got weaker)
- Less dollars were traded (volume decreased by 14.2%)
- The difference between the parallel market and NAFEM rates narrowed (got smaller)