The Naira has continued its downward trend, depreciating to N1,505 per dollar in the parallel market, down from N1,495 per dollar over the previous weekend. The currency also weakened in the Nigerian Autonomous Foreign Exchange Market (NAFEM), where it fell to N1,490.2 per dollar.
According to data from FMDQ, the indicative exchange rate for NAFEM increased to N1,490.2 per dollar, up from N1,485.53 per dollar last weekend. This marks a depreciation of N4.67 for the Naira. Additionally, the volume of dollars traded in NAFEM dropped by 21.4%, falling to $152 million from the previous week’s $193.5 million.
As a result, the disparity between the parallel market and NAFEM rates has widened significantly, now standing at N14.8 per dollar compared to N9.47 per dollar last weekend.
This continued depreciation of the Naira highlights ongoing challenges in Nigeria’s foreign exchange market and adds pressure on the country’s economy.
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