The Naira has depreciated further to N1,635.15 per dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEM), reflecting a N3.94 drop from its previous rate of N1,631.21 per dollar last Friday.
According to data from FMDQ, while the Naira weakened in the official market, it experienced a slight recovery in the parallel market, rising to N1,660 per dollar compared to N1,665 last weekend.
The volume of dollars traded in the official market also saw a sharp decline, with turnover dropping by 47% from $238.36 million to $126.24 million. This narrowing of the exchange margin between the parallel market and NAFEM rates brought the difference down to N24.85 per dollar from N33.79 the previous week.