The Naira has depreciated, falling to N1,658.48 per dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEM).
According to data from the FMDQ, the indicative exchange rate for NAFEM rose significantly from N1,562.66 per dollar on Monday, marking a depreciation of N95.82 for the Naira.
Trading Volume Increase
In addition to the depreciation, the volume of dollars traded in the official market surged by 66%, reaching $166.36 million compared to $100.21 million traded on Monday.
Parallel Market Update
In the parallel market, the Naira appreciated slightly to N1,655 per dollar, improving from N1,660 per dollar earlier on Monday. This change narrowed the margin between the parallel market rate and the NAFEM rate to N3.48 per dollar, a significant decrease from N97.01 per dollar reported on Monday.
This fluctuation in exchange rates highlights ongoing volatility in Nigeria’s foreign exchange market, reflecting various economic pressures and market dynamics.
