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The Nigerian Naira continued its downward trend in the parallel market, depreciating to N1,660 per dollar yesterday, a significant drop from last week’s rate of N1,645. This decline raises concerns over the nation’s foreign exchange stability, as the Naira faces mounting pressure in the black market.
However, in the Nigerian Autonomous Foreign Exchange Market (NAFEM), the Naira experienced a modest recovery, appreciating to N1,580.46 per dollar. This was a notable improvement from N1,593.32 per dollar recorded last weekend, marking a gain of N12.86.
Data from FMDQ revealed a decline in market turnover, with the total volume of dollars traded dropping by 22 percent to $197.37 million from the previous weekend’s $254.17 million. This reduction in trading volume reflects the tightening conditions in the foreign exchange market.
As a result of these movements, the gap between the parallel market and NAFEM rates has widened, reaching N79.54 per dollar, compared to N51.68 per dollar last week Friday. This growing disparity continues to highlight the volatility and challenges facing Nigeria’s currency markets.
