“The Naira has experienced a significant depreciation, reaching N1,680 per dollar in the parallel market, a decline from the previous rate of N1,655 per dollar. This downward trend is also evident in the Nigerian Autonomous Foreign Exchange Market (NAFEM), where the Naira weakened to N1,667.42 per dollar from N1,658.48 per dollar.
Data from FMDQ indicates that the indicative exchange rate for NAFEM rose to N1,667.42 per dollar, marking an N8.94 depreciation for the Naira. Additionally, the volume of dollars traded in the official market decreased by 39.6%, dropping to $100.47 million from the previous $166.36 million.
Consequently, the gap between the parallel market and NAFEM rates has widened to N12.58 per dollar from the earlier N3.48 per dollar, highlighting the increasing pressure on the Naira across various market segments.
These developments underscore the ongoing challenges in Nigeria’s foreign exchange markets, with the Naira facing persistent depreciation pressures.
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