The Naira experienced further depreciation in the parallel market yesterday, falling to N1,680 per dollar from N1,655 on Tuesday.
Similarly, the Naira weakened in the Nigerian Autonomous Foreign Exchange Market (NAFEM), dropping to N1,667.42 per dollar. According to data from FMDQ, the indicative exchange rate for NAFEM increased to N1,667.42 from N1,658.48 on Tuesday, reflecting an N8.94 loss for the Naira.
Additionally, the volume of dollars traded in the official market dropped by 39.6%, declining from $166.36 million on Tuesday to $100.47 million.
As a result, the gap between the parallel market rate and the NAFEM rate widened to N12.58 per dollar, compared to N3.48 per dollar on Tuesday.