The Naira experienced a notable depreciation in the parallel market on Wednesday, dropping to N1,510 per dollar from N1,500 per dollar the previous day. This depreciation reflects broader trends in the Nigerian Autonomous Foreign Exchange Market (NAFEM) as well.
In the parallel market, the Naira fell by N10, signaling ongoing economic pressures and currency instability. Traders and analysts have been closely monitoring these fluctuations as they impact both consumers and businesses.
Similarly, the Naira depreciated in NAFEM, where it reached N1,507.83 per dollar from N1,500.79 per dollar on Tuesday. According to data from FMDQ, this represents a N7.04 decline for the Naira, highlighting the currency’s ongoing volatility.
Market data also indicated a significant increase in dollar trading volume. The turnover in the market rose by 29 percent, with $176.39 million traded on Wednesday, up from $136.72 million on Tuesday. This surge in trading volume has contributed to the narrowing margin between the parallel market and NAFEM rates, reducing the gap to less than N3 per dollar.
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