The Naira has depreciated further, exchanging at N1,585 per dollar in the parallel market today, a drop from Monday’s rate of N1,550 per dollar.
However, in the official foreign exchange market, the Naira appreciated to N1,525 per dollar, reflecting some level of recovery.
Data from the Daily Nigerian Foreign Exchange Market (NFEM) report, published by the Central Bank of Nigeria (CBN), indicated that the indicative exchange rate improved to N1,525 per dollar from Monday’s N1,538 per dollar, showing a N13 gain.
Also, figures from the Nigerian Autonomous Foreign Exchange Market (NAFEM), as reported by FMDQ, revealed a significant 129 per cent increase in the volume of dollars traded. Transactions rose to $401.17 million from $175.15 million on Monday.
The disparity between the parallel market and the NFEM exchange rates widened to N60 per dollar, compared to a gap of N12 per dollar at the start of the week.
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