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Naira Depreciates Against US Dollar In Official Market

The Nigerian naira’s value dropped to N927.19 against the dollar in the Nigerian Foreign Exchange Market (NAFEM) today.

According to FMDQ data, the indicative exchange rate in NAFEM increased from N832.32 to N927.19 per dollar on Thursday, reflecting a depreciation of N94.87 kobo for the naira.

Throughout the day, the market saw fluctuations, reaching a high of N1160 per dollar and a low of N701 per dollar, creating a gap of N459 per dollar.

The dollar volume traded in NAFEM decreased by 2.8 percent, from $115.41 million on Thursday to $110.14 million.

Simultaneously, in the parallel market, the naira’s value declined to N1,166 per dollar from Thursday’s rate of N1,165 per dollar.

Consequently, the disparity between the official and parallel market rates narrowed to N238.81 per dollar yesterday, compared to Thursday’s N332.68 per dollar.

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