Naira weakens further against Dollar in official market

The Naira has depreciated to N1,635.15 per dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEM).

According to data from the FMDQ, the indicative exchange rate for NAFEM increased from N1,631.21 per dollar last Friday, reflecting a decline of N3.94 for the Naira.

In contrast, the Naira appreciated slightly in the parallel market, rising to N1,660 per dollar from N1,665 per dollar over the weekend.

Trading volume in the official market saw a significant drop, with dollar turnover decreasing by 47 percent to $126.24 million, down from $238.36 million traded the previous weekend.

As a result, the gap between the parallel market and the NAFEM rate narrowed to N24.85 per dollar, compared to N33.79 per dollar the previous week.