Naira Slides to N1,600 per dollar in Parallel Market Amid Sharp Drop in Trading Volume | #NwokeukwuMascot

 Economy 

Naira Depreciates to N1,600/$ in Parallel Market, but Appreciates in NAFEM | #NwokeukwuMascot

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In a recent development, the Nigerian Naira has depreciated to N1,600 per dollar in the parallel market, down from N1,590 recorded last weekend. This decline highlights ongoing volatility in the foreign exchange market.



Contrastingly, the Naira experienced a positive shift in the Nigerian Autonomous Foreign Exchange Market (NAFEM), where it appreciated to N1,607.15 per dollar. This marks an improvement from the previous rate of N1,617.08 per dollar reported last Friday, reflecting a notable appreciation of N9.93.



Data from the FMDQ indicates a significant reduction in the volume of dollars traded, which fell by 41.3% to $77.09 million from $131.55 million over the weekend. This sharp decline in trading volume could suggest tightening liquidity or shifting market dynamics.



As a result of these market changes, the gap between the parallel market rate and the NAFEM rate has narrowed substantially. The margin between these two rates decreased to N7.15 per dollar, compared to N27.08 per dollar observed the previous Friday. This contraction in the margin indicates a relative alignment in exchange rates across different markets.

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