Naira Declines to N1,600/$ in Parallel Market Amid Mixed Forex Trends
On Tuesday, the Nigerian Naira fell to N1,600 per dollar in the parallel market, a decrease from the N1,590 per dollar recorded over the weekend. This depreciation contrasts with a rise in the official Nigerian Autonomous Foreign Exchange Market (NAFEM), where the Naira strengthened to N1,579.22 per dollar, up from N1,579.89 per dollar last Friday. This movement reflects a 67 kobo improvement in the official market.
NAFEM, which caters to investors, exporters, and end-users, sets exchange rates based on prevailing market conditions. Data from FMDQ revealed a significant 41.4 percent increase in the volume of dollars traded, climbing from $115.23 million to $162.99 million. Consequently, the disparity between the parallel market rate and the NAFEM rate has widened to N20.78 per dollar, compared to N10.11 per dollar the previous Friday. This shift underscores ongoing volatility in Nigeria’s foreign exchange market.
Add comment