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Naira Depreciates Against Dollar In Official Market

Yesterday, the Nigerian Naira experienced a decline to N1,043.09 per dollar in the Nigerian Foreign Exchange Market (NAFEM), marking the second time this year that the official market rate surpassed the N1,000 per dollar mark.

According to data from FMDQ, the indicative exchange rate for NAFEM rose to N1,043.09 per dollar from N872.59 per dollar on Wednesday, signifying a 20 percent decline or a depreciation of N170.5 for the naira. Throughout the day, the market saw a high of N1,235.65 per dollar and a low of N720 per dollar, resulting in a margin of N515.65 per dollar.

The volume of dollars traded on the window increased by 34.6 percent to $83.63 million from the $127.93 million traded on Wednesday.

However, the naira saw an appreciation to N1,210 per dollar in the parallel market from its position at N1,230 per dollar on Wednesday.

As a result, the disparity between the official and parallel market exchange rates narrowed to N166.91 per dollar yesterday, compared to the N357.41 per dollar margin on Wednesday.

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