The Nigerian currency, the Naira, experienced a significant depreciation yesterday, dropping to ₦1,365 per dollar in the parallel market from ₦1,320 per dollar on Tuesday.
Recall that the decline was mirrored in the Nigerian Foreign Exchange Market (NAFEM), where the Naira fell to ₦1,402.67 per dollar, according to data from the Financial Markets Dealers Quotations (FMDQ).
This latest depreciation marks a noticeable shift in the forex market dynamics.
The naira lost ₦11.71 in the official NAFEM rates, rising from ₦1,390.96 to ₦1,402.67 per dollar in just one day.
Such movements highlight ongoing volatility in Nigeria’s foreign exchange markets amidst various economic pressures.
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The gap between the parallel market and the NAFEM rates has also seen a dramatic adjustment. On Tuesday, the margin stood at ₦70.96, but it narrowed down to ₦37.67 by Wednesday.
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