Reflecting the prevailing scarcity of dollars in the economy, the Naira experienced its most significant decline in the official Nigerian Foreign Exchange Market (NAFEM) yesterday, dropping by 24% to N1,348 per dollar. Data from FMDQ indicates that the indicative exchange rate for NAFEM fell from N891.9 to N1,348.63 per dollar, signifying a 24% depreciation for the Naira.
This marks the lowest point for the Naira since June 14th last year, when the Central Bank of Nigeria eliminated multiple exchange rates in the official market.
The volume of dollars traded on NAFEM also decreased by 28.5% to $404.5 million last week. In the parallel market, the Naira depreciated to N1,425 per dollar from N1,400 over the weekend, resulting in a narrower gap between the official and parallel market exchange rates at N76.37 per dollar yesterday compared to N508.1 per dollar last weekend.
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