The Naira depreciated to N1,635.15 per dollar in the Nigerian Autonomous Foreign Exchange Market, NAFEM.
The Naira’s been on a rollercoaster ride lately. According to FMDQ data, the indicative exchange rate for NAFEM rose to N1,635.15 per dollar, a N3.94 depreciation from last Friday’s rate of N1,631.21 per dollar. However, in the parallel market, the Naira actually strengthened to N1,660 per dollar from N1,665 per dollar last weekend.
The Nigerian foreign exchange market has seen a significant decline in dollar turnover, dropping 47% to $126.24 million from $238.36 million traded last weekend. This decrease has led to a narrowing of the margin between the parallel market and NAFEM rate, now at N24.85 per dollar compared to N33.79 per dollar last week Friday.
