Naira Exchange Rate Depreciates to N1,656/$ In NAFEM

Naira Exchange Rate Depreciates to N1,656/$ In NAFEM

The Nigerian Naira experienced fluctuations in its exchange rate against the US Dollar in the past days.

The Naira depreciated to N1,656.49 per dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEM) recently, marking a significant decrease compared to N1,546.51 per dollar the previous week.

This translates to a depreciation of N109.98 for the Naira.

Conversely, the Naira briefly appreciated to N1,640 per dollar from N1,660 per dollar over the weekend.

Consequently, the margin between the parallel market rate and the NAFEM rate reduced to N16.49 per dollar from N113.59 per dollar recorded the previous week.