Yesterday, the Naira depreciated in the parallel market to N1,505 per dollar, down from N1,495 per dollar last weekend. Similarly, in the Nigerian Autonomous Foreign Exchange Market (NAFEM), the Naira fell to N1,490.2 per dollar.
According to data from FMDQ, the indicative exchange rate for NAFEM increased to N1,490.2 per dollar from N1,485.53 per dollar last weekend, marking a N4.67 depreciation for the Naira. Additionally, the volume of dollars traded in the market (turnover) dropped by 21.4 percent to $152 million from $193.5 million traded last Friday.
As a result, the gap between the parallel market rate and the NAFEM rate widened to N14.8 per dollar from N9.47 per dollar last weekend.
