The Naira yesterday appreciated to N1,730 per dollar in the parallel market from N1,740 per dollar last weekend. However, the Naira depreciated to N1,681.42 per dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEM).
Data from FMDQ showed that the indicative exchange rate for NAFEM rose to N1,681.42 per dollar from N1,678.87 per dollar last Friday indicating N2.55 depreciation for the naira.
Consequently, the margin between the parallel market and NAFEM rate narrowed to N48.58 per dollar from N61.13 per dollar last week Friday .
Analysts at Afrinvest West Africa Limited, projected a mixed performance for the foreign exchange rate this week.
“The domestic currency had mixed trading performance last week. This week, we expect the Naira to trade within a similar band, though recent rate cuts in major economies have strengthened the case for carry trade opportunities in Emerging markets and Developing Economies, EMDEs, especially those with relatively stable exchange rates”.
