Naira Weakens Again In Parallel Market, NAFEM

Naira Weakens Again In Parallel Market, NAFEM

The Naira continued its depreciation yesterday, dropping to N1,680 per dollar in the parallel market, down from N1,655 per dollar on Tuesday.

In the Nigerian Autonomous Foreign Exchange Market (NAFEM), the Naira also declined, reaching N1,667.42 per dollar, compared to N1,658.48 per dollar the previous day, marking a drop of N8.94.

FMDQ data further revealed a 39.6% decrease in dollar trading volume in the official market, dropping from $166.36 million on Tuesday to $100.47 million.

This depreciation widened the gap between the parallel market and the NAFEM rate to N12.58 per dollar, up from N3.48 per dollar on Tuesday.