Yesterday, the Nigerian naira experienced a decline in its value against the US dollar, reaching N1,350 per dollar in the parallel market compared to N1,295 per dollar on the previous Tuesday. Additionally, within the Nigerian Foreign Exchange Market (NAFEM), the naira depreciated to N931.23 per dollar, as reported by data from FMDQ.
FMDQ’s data revealed that the indicative exchange rate for NAFEM witnessed an increase from N878.57 per dollar on Tuesday to N931.23 per dollar, indicating a depreciation of N52.66 for the naira.
Consequently, the disparity between the official exchange rate and the parallel market exchange rate widened to N418.77 per dollar yesterday, up from N416.43 recorded on Tuesday. This reflects the ongoing challenges faced by the Nigerian currency in maintaining its value in the foreign exchange market.