Nigeria’s national currency, the Naira on Monday depreciated to N1,205 per dollar in the parallel market from N1,185 per dollar recorded last Friday.
However, at the official Nigerian Foreign Exchange Market (NAFEM), the Naira appreciated to N864.29 per dollar.
Data from FMDQ showed that the indicative exchange rate for NAFEM fell to N864.29 per dollar from N1,099.05 per dollar last weekend, indicating a 21 percent or N234.76 appreciation for the naira.
As a result, the gap between the official and parallel market exchange rates widened to N340.71per dollar on Monday from N85.95 per dollar last week Friday.
The report also stated that the volume of dollars (turnover) traded on NAFEM increased by 4.04 percent to $560.39 million last week, from $584.02 million the previous week.