Naira falls to N1,625.13 per Dollar in NAFEM

The Naira depreciated to N1,625.13 per dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEM) on Wednesday.

According to data from FMDQ, the indicative exchange rate for NAFEM rose from N1,561.76 per dollar on Tuesday, reflecting a N63.37 drop in the Naira’s value.

Meanwhile, the volume of dollars traded in the official market dropped significantly by 32.7%, with $170.6 million traded, down from $253.68 million the previous day.

In contrast, the Naira saw slight appreciation in the parallel market, strengthening to N1,675 per dollar from N1,685 on Tuesday. This resulted in a narrower gap between the NAFEM and parallel market rates, reducing the margin to N49.87 per dollar from the previous N123.24.