The Nigerian Naira continued its depreciation trend yesterday, falling to N1,650 per dollar in the parallel market, down from N1,645 per dollar on Wednesday.
Similarly, in the Nigerian Autonomous Foreign Exchange Market (NAFEM), the Naira weakened further, depreciating to N1,544.02 per dollar from N1,539.65 per dollar the previous day, indicating a decline of N4.37.
Data from FMDQ revealed a 37.2% decrease in the volume of dollars traded in the official market, with turnover dropping from $139.48 million on Wednesday to $87.51 million on Thursday.
As a result, the margin between the parallel market and NAFEM rates widened to N105.98 per dollar, up from N105.35 per dollar the day before.
This depreciation of the Naira highlights the ongoing challenges in Nigeria’s foreign exchange market, further impacting economic stability.
Be the first to comment