Yesterday, the Nigerian naira faced a decline in its value, dropping from N1,170 per dollar to N1,180 per dollar in the informal exchange market. Conversely, the naira displayed strength in the Nigerian Foreign Exchange Market (NAFEM) as it appreciated to a rate of N793.28 per dollar.
According to data from FMDQ, the indicative exchange rate for the Investors and Exporters (I&E) window increased to N793.28 per dollar from N786.02 per dollar on Wednesday, signifying a N7.26 depreciation for the naira.
Furthermore, the volume of dollars traded in the NAFEM saw a significant surge, rising by 28 percent to reach $136.11 million, compared to the previous day’s total of $105.98 million.
Consequently, the discrepancy between the official and parallel market exchange rates widened, with the rate in the parallel market standing at N386.72 per dollar on that day, in contrast to N334.68 per dollar on Wednesday.
