Contrastingly, there was an appreciation of the naira to N864.29 per dollar in the Nigerian Foreign Exchange Market (NAFEM).

According to data from FMDQ, the indicative exchange rate for NAFEM dropped to N864.29 per dollar from N1,099.05 per dollar the previous weekend, marking a significant 21 percent or N234.76 appreciation for the naira.

Consequently, the gap between the official and parallel market exchange rates widened to N340.71 per dollar yesterday, a notable increase from N85.95 per dollar the previous week Friday.

The volume of dollars (turnover) traded on NAFEM experienced a 4.04 percent increase, reaching $560.39 million last week compared to $584.02 million the previous week.