Naira Exchange Rate Depreciates To N1,680/$ In Parallel Market 

Naira Exchange Rate Depreciates To N1,680/$ In Parallel Market

The Nigerian Naira experienced significant depreciation yesterday, falling to N1,680 per dollar in the parallel market, a N25 drop from Tuesday’s rate of N1,655 per dollar.

Similarly, the Naira weakened to N1,667.42 per dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEM), a decline of N8.94 from Tuesday’s rate of N1,658.48 per dollar.

According to FMDQ data, dollar trading volume in the official market plummeted 39.6% to $100.47 million, down from $166.36 million on Tuesday.

As a result, the gap between parallel market and NAFEM rates widened to N12.58 per dollar, up from N3.48 per dollar on Tuesday.