The Nigerian Naira recently declined in value against the US dollar in both the parallel market and the Nigerian Foreign Exchange Market (NAFEM). In the parallel market, the Naira was traded at N1,340 per dollar, down from N1,300 per dollar recorded the previous Friday. Similarly, in the NAFEM, the Naira depreciated to N1,419.11 per dollar.
According to data from the Financial Markets Dealers Quotations (FMDQ), the indicative exchange rate for the NAFEM climbed to N1,419.11 per dollar, marking an increase from N1,339.23 per dollar over the weekend. This indicates a depreciation of N79.88 for the Naira.
As a result of these developments, the margin between the parallel market and NAFEM rates widened to N79.11 per dollar, a significant increase from N39.23 per dollar recorded the previous week Friday.
