The value of the Naira saw a decline in the parallel market, dropping to N1,515 per dollar compared to N1,495 per dollar just a day prior.
Similarly, in the Nigerian Autonomous Foreign Exchange Market (NAFEM), the Naira weakened to N1,485.66 per dollar, reflecting a notable depreciation.
According to data from FMDQ, the indicative exchange rate for NAFEM climbed to N1,485.66 per dollar from N1,462.59 per dollar the previous day, signaling a decrease in the Naira’s value by N23.07.
Throughout the trading day, the market witnessed fluctuations, with the Naira hitting an intraday high of N1,510 per dollar and a low of N1,401 per dollar, resulting in significant volatility with a difference of N109 per dollar.
The total volume of dollars exchanged surged by 35.7 percent to $167.55 million from $123.45 million recorded in the previous session.
Consequently, the gap between the parallel market and NAFEM rates narrowed to N29.34 per dollar from N33.59 per dollar, indicating a closer alignment in exchange rates.
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