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Naira depreciates against dollar in parallel market

The Nigerian Naira experienced contrasting movements in different foreign exchange markets on Wednesday.

While the Naira depreciated in the parallel market, it appreciated in the Nigerian Autonomous Foreign Exchange Market (NAFEM).

In the parallel market, the Naira depreciated to N1,495 per dollar from N1,470 per dollar on Tuesday. On the other hand, in the NAFEM, the Naira appreciated to N1,462.59 per dollar from N1,465.68 per dollar on Tuesday, indicating a N3.09 appreciation for the Naira.

The data from FMDQ revealed that the indicative exchange rate for NAFEM fell, resulting in the appreciation of the Naira. As a result of these movements, the margin between the parallel market and NAFEM rates widened to N33.59 per dollar from N4.32 per dollar on Tuesday.

These fluctuations highlight the volatility of the foreign exchange market in Nigeria and the different rates at which the Naira is traded in different segments of the market.

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