Naira Again, Depreciates To N1,635/$ In Official Market 

Naira Again, Depreciates To N1,635/$ In Official Market 

The Nigerian Naira weakened in the Nigerian Autonomous Foreign Exchange Market (NAFEM), depreciating to N1,635.15 per dollar according to data from FMDQ.

This marked an increase from the previous rate of N1,631.21 per dollar, signifying a depreciation of N3.94 for the Naira.

Conversely, in the parallel market, the Naira strengthened to N1,660 per dollar from N1,665 per dollar over the weekend.

The volume of dollar transactions in the official market saw a significant decline of 47% to $126.24 million from $238.36 million traded the previous weekend. As a result, the gap between the parallel market and NAFEM rates reduced to N24.85 per dollar from N33.79 per dollar the previous Friday.