On Thursday, the Naira depreciated against the dollar, reaching N1,640 per dollar in the parallel market, up from N1,620 per dollar the previous day. In the Nigerian Autonomous Foreign Exchange Market (NAFEM), the Naira fell to N1,639.41 per dollar, compared to N1,625.88 per dollar on Wednesday, marking a N13.53 depreciation.
Data from FMDQ highlighted a 9.7 percent decrease in the volume of dollars traded, with turnover dropping to $185.79 million from $205.76 million. This decline in trading volume reflects reduced market activity.
Additionally, the gap between the parallel market rate and the NAFEM rate narrowed significantly to 59 kobo per dollar from N5.88 per dollar the previous day. This reduction in margin indicates a closer alignment between the two exchange rates.
