Yesterday, the Nigerian naira experienced a decline in value against the US dollar across different markets. In the parallel market, the naira depreciated to N1,620 per dollar from N1,615 per dollar the previous day.
Similarly, in the Nigerian Foreign Exchange Market (NAFEM), the naira depreciated to N1,615.94 per dollar.
According to data from FMDQ, the indicative exchange rate for NAFEM rose to N1,615.94 per dollar from N1,603.38 per dollar on Tuesday, indicating a depreciation of N12.56 for the naira.
The market saw an intraday high of N1,635 per dollar and an intraday low of N1,500 per dollar, resulting in a variance of N135. Additionally, the volume of dollars traded (turnover) in the market increased by 103.5 percent to $248.75 million from $122.18 million traded on Tuesday.
As a result of these fluctuations, the margin between the parallel market rate and NAFEM narrowed to N4.06 per dollar from N11.62 per dollar on Tuesday.
