The Naira faced a depreciation, reaching N1,365 per dollar in the parallel market from N1,320 per dollar previously. Simultaneously, in the Nigerian Foreign Exchange Market (NAFEM), the Naira depreciated to N1,402.67 per dollar, indicating a N11.71 depreciation.
Data from the Financial Markets Dealers Quotations (FMDQ) showed that the indicative exchange rate for NAFEM rose from N1,390.96 per dollar, representing a N11.71 depreciation for the Naira. This change resulted in the margin between the parallel market and NAFEM rates narrowing to N37.67 per dollar from N70.96 per dollar.
The depreciation in the Naira's value against the dollar suggests ongoing fluctuations in the foreign exchange market. This development underscores the need for continuous monitoring and management of the currency's exchange rate to stabilize its value against major foreign currencies.
