The Naira continued its downward trend in the parallel market, depreciating to N1,620 per dollar on Wednesday, a slight drop from N1,615 per dollar recorded the previous day. In the Nigerian Autonomous Foreign Exchange Market (NAFEM), the Naira also weakened, falling to N1,606.56 per dollar compared to Tuesday’s rate of N1,594.27 per dollar, marking a depreciation of N12.32.
Data from FMDQ indicated an increase in trading volume, with $160.94 million exchanged on Wednesday, up from $156.94 million on Tuesday, reflecting a 2.5 percent rise. This decline has narrowed the exchange rate margin between the parallel market and NAFEM to N13.41 per dollar from N20.73 per dollar the day before.
