The Naira weakened yesterday, dropping 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 depreciated to N1,544.02 per dollar.
According to data from FMDQ, the indicative exchange rate for NAFEM rose to N1,544.02 per dollar from Wednesday’s rate of N1,539.65, marking a N4.37 decline in the Naira’s value.
Additionally, the volume of dollars traded in the official market saw a sharp drop of 37.2%, falling to $87.51 million from $139.48 million the previous day.
As a result, the gap between the parallel market and NAFEM exchange rates widened to N105.98 per dollar, compared to N105.35 on Wednesday.
(Vanguard)
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