Business
Naira Depreciation Deepens, Gap Between Markets Widens
The Nigerian Naira experienced further depreciation in the parallel market yesterday, falling to N1,650 per dollar from N1,645 per dollar on Wednesday, signaling continued pressure on the local currency.
In the official Nigerian Autonomous Foreign Exchange Market (NAFEM), the Naira also weakened, depreciating to N1,544.02 per dollar compared to N1,539.65 per dollar the previous day. According to data from the Financial Market Dealers Quotation (FMDQ), this represents a N4.37 drop in the exchange rate.
The FMDQ report also revealed a sharp decline in dollar trade volume within the official market, with a 37.2% drop in turnover. Only $87.51 million was traded on Thursday, compared to the $139.48 million recorded on Wednesday.
As a result, the gap between the parallel market and the NAFEM official rate widened, with the margin increasing to N105.98 per dollar from N105.35 per dollar earlier in the week.
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