The Naira saw a further decline yesterday, slipping to N1,595 per dollar in the parallel market, down from N1,590 per dollar on Tuesday.
The depreciation trend extended to the Nigerian Autonomous Foreign Exchange Market (NAFEM), where the Naira weakened to N1,586.04 per dollar.
According to data from FMDQ, the indicative exchange rate for NAFEM increased to N1,586.04 per dollar from N1,582.09 per dollar recorded on Tuesday, marking a depreciation of N3.95 for the Naira.
Additionally, dollar trading volume in the market dropped by 54 percent, falling to $92.39 million from Tuesday’s $201.43 million. As a result, the gap between the parallel market and the NAFEM rate expanded, with the margin widening to N8.96 per dollar from N7.91 per dollar.