Naira down to N1,625 in NAFEM
The Naira weakened to N1,625.88 per dollar yesterday in the Nigerian Autonomous Foreign Exchange Market, NAFEM,.
According to data from FMDQ, the indicative exchange rate for NAFEM increased from N1,611.34 per dollar on Tuesday to N1,625.88 per dollar, marking a N14.54 depreciation.
The volume of dollars traded in the market also dropped by 1.8%, falling from $209.61 million on Tuesday to $205.76 million.
In contrast, the Naira strengthened in the parallel market, appreciating to N1,620 per dollar from the previous day’s rate of N1,630 per dollar.
As a result, the gap between the parallel market and NAFEM exchange rates narrowed to N5.88 per dollar, down from N18.66 per dollar on Tuesday.
Post Comment