The Nigerian Naira’s value dropped yesterday to N1,625.13 per dollar in the Nigerian Autonomous Foreign Exchange Market, NAFEM.
The Nigerian Naira took a hit yesterday, depreciating by N63.37 to N1,625.13 per dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEM) . This decline represents a 4.07% drop from Tuesday’s rate of N1,561.76 per dollar.
Meanwhile, the volume of dollars traded in the official market plummeted by 32.7% to $170.6 million, down from $253.68 million on Tuesday. This significant decrease in trading volume may have contributed to the naira’s depreciation.
However, there’s a silver lining – the Naira actually appreciated in the parallel market to N1,675 per dollar, up from N1,685 per dollar on Tuesday. This means the gap between the parallel market and NAFEM rate narrowed to N49.87 per dollar, a significant decrease from N123.24 per dollar on Tuesday.
