Economy
Naira Depreciates Further in Parallel Market
The Naira depreciated to N1,595 per dollar in the parallel market on Wednesday, down from N1,585 per dollar on Tuesday.
Conversely, the Naira showed signs of recovery in the Nigerian Autonomous Foreign Exchange Market (NAFEM), appreciating to N1,608.73 per dollar. Data from FMDQ revealed that the indicative exchange rate for NAFEM improved to N1,608.73 per dollar from Tuesday’s rate of N1,621.12 per dollar, marking a N12.39 gain for the Naira.
The volume of dollars traded in the market surged by 62.8 percent, reaching $270.81 million compared to $166.34 million on Tuesday. This increase in trading volume resulted in the margin between the parallel market rate and the NAFEM rate narrowing to N13.73 per dollar from the previous N36.12 per dollar.
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