The Nigerian Naira faces depreciation as it weakens to N1,500 per dollar in parallel markets, contrasting with NAFEM's N1,476.24 rate. Dollar trading volume drops significantly, widening the exchange rate gap.
The Nigerian Naira experienced a decline on Wednesday, with the parallel market rate falling to N1,500 per dollar from N1,485 the previous day. Similarly, in the Nigerian Autonomous Foreign Exchange Market (NAFEM), the Naira depreciated to N1,476.24 per dollar from N1,473.66.
Data from FMDQ revealed a decrease in dollar volume traded on NAFEM by 76%, amounting to $92.68 million compared to $385.91 million on Tuesday. This resulted in a widened exchange rate gap between the parallel market and NAFEM, expanding to N23.76 per dollar from N11.34.
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