The Naira further depreciated yesterday, falling to N1,625.13 per dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEM), according to data from FMDQ. This represents a significant drop from the previous day’s rate of N1,561.76 per dollar, marking a N63.37 loss in value.
The depreciation occurred amid a sharp decline in the volume of dollars traded in the official market, with turnover dropping by 32.7 percent to $170.6 million, down from $253.68 million on Tuesday.
Meanwhile, in the parallel market, the Naira appreciated slightly, trading at N1,675 per dollar compared to N1,685 the previous day.
As a result of these fluctuations, the margin between the NAFEM rate and the parallel market rate narrowed considerably to N49.87 per dollar, down from N123.24 per dollar on Tuesday.
The continued volatility of the Naira against the dollar remains a concern for both traders and consumers as the country grapples with foreign exchange challenges.
