The Naira has continued its decline in the Nigerian Autonomous Foreign Exchange Market (NAFEM), with the currency depreciating to N1,658.48 per dollar.
This marks a significant drop from the N1,562.66 per dollar rate recorded on Monday, showing a depreciation of N95.82 for the Nigerian currency.
According to data provided by FMDQ, the official turnover of dollar transactions in the market also saw a notable increase.
The volume of dollars traded jumped by 66 percent, rising to $166.36 million from the $100.21 million traded on Monday.
However, in the parallel market, the Naira saw a slight appreciation, improving from N1,660 per dollar to N1,655 per dollar.
As a result, the gap between the parallel market rate and the NAFEM rate has significantly reduced, narrowing to N3.48 per dollar from the N97.01 per dollar difference noted earlier in the week.
This shift highlights ongoing fluctuations in the foreign exchange market, raising concerns about the stability of the Naira in both the official and parallel exchange markets.
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