The Naira depreciated to N1,603.8 per dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEM) yesterday.
Data from FMDQ revealed that the indicative exchange rate for NAFEM increased to N1,603.8 per dollar from N1,586.71 per dollar on Wednesday, marking a N37.95 drop in the Naira’s value.
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Additionally, the volume of dollars traded in the market dropped by 23.3 percent, from $171.03 million on Wednesday to $131.09 million yesterday.
In the parallel market, the Naira also depreciated to N1,580 per dollar, compared to N1,575 per dollar on Wednesday.
As a result, the gap between the parallel market rate and the NAFEM rate widened to N18.8 per dollar, up from N11.71 per dollar on Wednesday.
