The naira continued its decline yesterday, slipping to N1,590 per dollar in the parallel market, down from N1,580 on Thursday. Similarly, in the Nigerian Autonomous Foreign Exchange Market (NAFEM), the naira depreciated to N1,617.08 per dollar, compared to N1,570 the previous day. This marks a significant N47.08 drop.
Data from FMDQ revealed a decrease in the volume of dollars traded in NAFEM, falling by 7.6% to $131.55 million from Thursday’s $142.32 million. As a result, the gap between the parallel market rate and the NAFEM rate widened to N27.08 per dollar, up from N10 per dollar the day before.
