The Nigerian currency, the Naira, experienced a significant drop in value in the Nigerian Autonomous Foreign Exchange Market (NAFEM), depreciating to N1,658.48 per dollar.
According to data from FMDQ, the indicative exchange rate for NAFEM jumped from N1,562.66 per dollar earlier in the week, marking a sharp depreciation of N95.82.
This shift underscores the volatility in the currency market as the Naira continues to struggle against the dollar.
Additionally, the volume of dollars traded in the official market saw a notable increase, with turnover rising by 66% to $166.36 million, compared to $100.21 million traded earlier.
This surge in trading activity comes as market participants continue to seek stability amid fluctuating exchange rates.
Interestingly, the Naira showed signs of slight recovery in the parallel market, appreciating to N1,655 per dollar from N1,660 per dollar at the beginning of the week. As a result, the gap between the official NAFEM rate and the parallel market rate has narrowed significantly, dropping from N97.01 to N3.48 per dollar.
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