Yesterday, the Naira depreciated in the Nigerian Autonomous Foreign Exchange Market (NAFEM), falling to N1,548.76 per dollar. This comes on the heels of CBN’s interest rate hike to 26.75 per cent on Tuesday from 26.25 per cent in May.
However, it appreciated in the parallel market, rising to N1,565 per dollar from N1,585 per dollar last Friday.
According to FMDQ data, the indicative exchange rate for NAFEM increased to N1,548.76 per dollar from N1,500.32 per dollar on Monday, reflecting a depreciation of N48.44 for the Naira. The volume of dollars traded in the market (turnover) also increased by 11.04 percent, reaching $280.92 million compared to $269.88 million on Monday.
As a result, the margin between the parallel market rate and the NAFEM rate narrowed to N16.08 per dollar from N84.64 per dollar on Monday.
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