Yesterday, the Naira saw a further depreciation to N1,482.57 per dollar in the official foreign exchange market, almost aligning with the parallel market’s rate of N1,470 per dollar.
This marks the first time in the post-COVID era that the official exchange rate surpassed that of the parallel market.
According to FMDQ data, the indicative exchange rate for the official Nigeria Foreign Exchange Market (NAFEM) rose from N1,348.63 to N1,482.57 per dollar on Monday, indicating a N133.94 depreciation for the Naira.
Consequently, the Naira has experienced a 66% depreciation in just two days from N891.9 per dollar the previous week. In tandem, the parallel market rate also depreciated to N1,470 per dollar from N1,425 per dollar on Monday, narrowing the gap between official and parallel market rates to N12.57 per dollar from N76.37 per dollar on Monday.
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