By Kayode Sanni-Arewa
The Naira has recently depreciated to N1,600 per dollar in the parallel market, down from N1,590 per dollar last weekend¹². This decline reflects ongoing economic challenges and pressures on Nigeria’s foreign exchange market.
In contrast, the Naira appreciated slightly to N1,579.22 per dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEM), showing a minor improvement from N1,579.89 per dollar last week². The volume of dollars traded in the market increased by 41.4% to $162.99 million from $115.23 million traded last weekend. The widening gap between the parallel market and NAFEM rates, now at N20.78 per dollar, highlights the volatility and disparity in Nigeria’s foreign exchange markets.
This situation is causing concern among businesses and consumers, as the depreciation impacts import costs and overall economic stability.