Naira depreciates further, reaches N1,650/$ in parallel market

The Naira continued its decline, depreciating to N1,650 per dollar in the parallel market yesterday, down from N1,645 per dollar on Wednesday.

The Nigerian Autonomous Foreign Exchange Market (NAFEM) also saw a drop, with the Naira falling to N1,544.02 per dollar, compared to N1,539.65 the previous day, marking a depreciation of N4.37.

According to data from FMDQ, the indicative exchange rate for NAFEM reflected the weakening of the Naira, while dollar trading volume in the official market fell by 37.2 percent, with a turnover of $87.51 million, down from $139.48 million on Wednesday.

As a result, the margin between the parallel market rate and the NAFEM rate widened to N105.98 per dollar, compared to N105.35 the previous day, highlighting growing pressures on the local currency.