The Naira experienced depreciation against the US Dollar in both the parallel and Nigerian Foreign Exchange Market (NAFEM) on Tuesday.
In the parallel market, the Naira declined to N1,415 per dollar from N1,410 per dollar the previous day. Similarly, in the NAFEM, the Naira depreciated to N1,416.57 per dollar from N1,354.21 per dollar on Monday, marking a significant depreciation of N62.36 for the Naira.
Data from the Financial Markets Dealers’ Quotations (FMDQ) revealed that the indicative exchange rate for NAFEM dropped, narrowing the margin between the parallel market and NAFEM rates. Despite fluctuations, the Naira continues to face challenges against the US Dollar, reflecting ongoing volatility in the foreign exchange market.
Source: Vanguard