Business
Naira depreciates to N1,645 per Dollar as turnover rises in official market
On Wednesday, the Naira further depreciated in the parallel market, reaching N1,645 per dollar from N1,640 per dollar the previous day.
Despite this, the Naira appreciated in the Nigerian Autonomous Foreign Exchange Market (NAFEM), improving to N1,539.65 per dollar, according to FMDQ data.
This marks a significant N116.84 appreciation from the N1,656.49 per dollar recorded on Tuesday. Furthermore, turnover in the official market surged by 38.9%, with $139.48 million traded, up from Tuesday’s $100.39 million.
As a result of these movements, the margin between the parallel market and the NAFEM rate widened to N105.35 per dollar, compared to the previous day’s N16.49 per dollar.
Stay informed as we continue to monitor the forex market and its impact on the economy.
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