The Naira on Thursday experienced a depreciation, sliding to N1,640 per dollar in the parallel market, down from N1,620 per dollar recorded the previous day.
This drop reflects ongoing pressures on the currency amid rising demand for foreign exchange.
In a similar trend, the Naira also weakened in the Nigerian Autonomous Foreign Exchange Market declining to N1,639.41 per dollar.
According to data provided by Financial Market Infrastructure Group, FMDQ, this marked a significant drop from the N1,625.88 per dollar rate observed on Wednesday, amounting to a depreciation of N13.53 for the local currency.
Further data revealed that the volume of dollars traded within NAFEM saw a decline of 9.7%, with $185.79 million in turnover recorded, compared to the $205.76 million exchanged on Wednesday.
As a result of these shifts, the disparity between the rates in the parallel market and NAFEM narrowed, with the margin shrinking to just 59 kobo per dollar from the wider N5.88 gap noted on Wednesday.
The continued narrowing of the margin indicates growing alignment between the two markets as the demand-supply dynamics in Nigeria’s foreign exchange market evolve.