Business
Naira depreciates in official market, appreciates in parallel market
On Wednesday, the Naira depreciated significantly in the Nigerian Autonomous Foreign Exchange Market (NAFEM), reaching an exchange rate of N1,625.13 per dollar.
Data from FMDQ revealed that this marks an increase from the previous day’s rate of N1,561.76 per dollar, reflecting a depreciation of N63.37 for the Naira.
In the official market, the volume of dollars traded fell sharply by 32.7 percent, dropping to $170.6 million from $253.68 million on Tuesday.
READ ALSO: Naira strengthens as dollar supply surges in Nigeria
This decline in turnover underscores the ongoing volatility in Nigeria’s foreign exchange market.
Conversely, the Naira experienced a slight appreciation in the parallel market, rising to N1,675 per dollar, up from N1,685 per dollar on Tuesday.
As a result, the margin between the parallel market rate and the NAFEM rate narrowed significantly, decreasing to N49.87 per dollar from N123.24 per dollar the previous day.
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