The Naira yesterday depreciated to N1,640 per dollar in the parallel market, dropping from N1,650 per dollar recorded on Thursday. This decline extended to the Nigerian Autonomous Foreign Exchange Market (NAFEM), where the Naira fell to N1,541.52 per dollar.
According to FMDQ data, the indicative exchange rate for NAFEM slipped to N1,541.52 per dollar from N1,544.02 on Thursday, reflecting a slight appreciation of N2.5 for the naira. However, despite this small gain, the overall trend showed a weakening currency.
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The volume of dollars traded in the official market saw a sharp decline of 117.7 percent, with only $87.51 million exchanged, compared to $190.57 million traded the previous day. This contraction in dollar supply further strained the Naira’s performance.
As a result, the gap between the parallel market rate and NAFEM narrowed to N98.48 per dollar from N105.98 on Thursday, signaling a tightening margin despite ongoing pressure on the local currency.
