Breaking News: Official Market Records Naira Depreciation To N885.88 Per Dollar

In the official Nigerian Foreign Exchange Market (NAFEM), the naira experienced a depreciation, reaching N885.88 per dollar, according to data from FMDQ. This marked an increase from N861.91 per dollar recorded on Thursday, reflecting a N23.97 depreciation for the national currency…CONTINUE READING

Throughout the trading day, the intraday high reached N1248 per dollar, while the intraday low stood at N700 per dollar, resulting in a margin of N548 per dollar.

Simultaneously, the naira depreciated to N1,225 per dollar in the parallel market, compared to the N1,220 per dollar recorded on Thursday. As a result, the gap between the official and parallel market exchange rates narrowed to N339.12 per dollar from the previous N358.09 per dollar on Thursday.

The volume of dollars traded on the NAFEM window saw a 49 percent decline, falling from $181.3 million on Thursday to $92.16 million. These developments highlight the dynamic fluctuations in the foreign exchange market and the impact on the value of the naira against the dollar.