The Naira continued its downward slide yesterday, depreciating to N1,625.13 per dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEM). This marks a sharp decline from the previous day’s rate of N1,561.76, representing a loss of N63.37.
According to data from FMDQ, the volume of dollars traded in the official market also fell by 32.7%, with turnover dropping to $170.6 million from $253.68 million traded on Tuesday.
Naira Strengthens in Parallel Market
In contrast, the Naira appreciated slightly in the parallel market, trading at N1,675 per dollar compared to N1,685 on Tuesday. As a result, the margin between the NAFEM rate and the parallel market narrowed significantly, dropping to N49.87 per dollar from N123.24.
This development reflects ongoing volatility in Nigeria’s foreign exchange market, as authorities and traders grapple with fluctuating exchange rates and liquidity challenges.
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