The Naira has continued its downward trajectory yesterday, hitting a new low of N1,365 per dollar in the parallel market, a slide from N1,320 per dollar the previous day.
In the Nigerian Foreign Exchange Market (NAFEM), the naira also experienced a depreciation, falling to N1,402.67 per dollar.
Data from the Financial Markets Dealers Quotations (FMDQ) indicated that the indicative exchange rate for NAFEM increased to N1,402.67 from N1,390.96 per dollar on Tuesday, marking an N11.71 depreciation.
This depreciation has led to a narrowing of the gap between the parallel market and NAFEM rates, which now stands at N37.67 per dollar, down from N70.96 per dollar just a day earlier.
This shift suggests a tightening in the forex market, potentially hinting at an increase in demand or a decrease in supply in the parallel market.
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- Naira Falls Again, Reaching N1,340/$ in Parallel Market
Market analysts are closely monitoring these developments, as the Naira’s performance impacts not only forex trading but also the broader Nigerian economy, influencing inflation, import costs, and the financial stability of businesses and consumers alike.
