The naira experienced a decline to N1,620 per dollar in the unofficial parallel market yesterday, falling from N1,615 per dollar on Tuesday .
Similarly, the naira depreciated to N1,615.94 per dollar in the Nigerian Foreign Exchange Market (NAFEM) on the same day.
According to data from FMDQ, the indicative exchange rate for NAFEM increased to N1,615.94 per dollar from N1,603.38 per dollar on the prior day, marking a depreciation of N12.56 for the naira.
During the trading session, the market saw a high of N1,635 per dollar and a low of N1,500 per dollar, resulting in a fluctuation of N135. The volume of dollars exchanged (turnover) in the market surged by 103.5 percent to $248.75 million from $122.18 million traded on Tuesday day.
As a result, the spread between the parallel market rate and NAFEM decreased to N4.06 per dollar from N11.62 per dollar seen on Tuesday.
Discover more from DnewsInfo
Subscribe to get the latest posts sent to your email.
