Naira Depreciates in Parallel Market but Appreciates in NAFEM

On Wednesday, the Naira depreciated to N1,645 per dollar in the parallel market, down from N1,640 per dollar the previous day. Conversely, in the Nigerian Autonomous Foreign Exchange Market (NAFEM), the Naira appreciated to N1,539.65 per dollar from N1,656.49 per dollar on Tuesday, marking a N116.84 appreciation.

Data from FMDQ indicated that the volume of dollars traded in the official market increased by 38.9 percent to $139.48 million, up from $100.39 million on Tuesday. As a result, the gap between the parallel market rate and the NAFEM rate widened significantly to N105.35 per dollar, compared to N16.49 per dollar the day before.