Recent data reveals a depreciation of the Naira to N1,140 per dollar in the parallel market, compared to N1,060 per dollar just a day prior. Additionally, in the Nigerian Foreign Exchange Market (NAFEM), the Naira saw a decline to N1,169.99 per dollar.
According to figures from FMDQ, the indicative exchange rate for NAFEM climbed to N1,169.99 per dollar from N1,154.98 per dollar, indicating a depreciation of N15.01 for the Naira. Throughout the trading session, the market experienced fluctuations, with the Naira reaching an intraday high of N1,236 per dollar and an intraday low of N1,021 per dollar, resulting in a margin of N215.
Despite the volatility, the volume of dollars traded on the window decreased by 53.2 percent to $86.86 million from $185.62 million previously. This shift in trading volume coincides with a narrowing margin between the parallel market and NAFEM rates, reducing to N29.99 per dollar from N94.08 per dollar observed on the previous day.
As the Naira continues to face pressure in both parallel and official markets, stakeholders remain vigilant amidst ongoing fluctuations in the forex market. Stay tuned for further updates on currency trends and market dynamics.
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