The Nigerian naira witnessed a decline in its value, reaching N1,260 per dollar in the parallel market, marking a drop from N1,220 per dollar recorded on Tuesday.
Concurrently, the official Nigerian Foreign Exchange Market (NAFEM) reported a depreciation of the naira to N904.65 per dollar.
According to data sourced from FMDQ, the indicative exchange rate for NAFEM surged to N904.65 per dollar, showcasing a significant N39.62 depreciation in the naira compared to Tuesday’s rate of N865.03 per dollar.
Consequently, the gap between the official and parallel market rates expanded to N355.35 per dollar, marking an increase from Tuesday’s margin of N354.97 per dollar.
The trading volume of dollars within NAFEM witnessed a notable uptick, escalating by 22 percent to $120.89 million, surpassing the $99.09 million recorded on the previous Tuesday.
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