In the latest developments within Nigeria’s foreign exchange landscape, yesterday marked a significant depreciation of the naira against the dollar, both in the parallel market and the Nigerian Foreign Exchange Market (NAFEM).
In the parallel market, the naira saw a decline to N1,100 per dollar from its previous standing of N1,080 per dollar recorded on Monday. Similarly, within NAFEM, the naira experienced a notable devaluation, dropping to N1,148.14 per dollar.
According to data sourced from FMDQ, the indicative exchange rate for NAFEM surged to N1,148.14 per dollar from the preceding N1,136.04 per dollar noted on Monday. This upward shift reflects a depreciation of N12.1 for the naira against the dollar.
Consequently, the margin between the parallel market and NAFEM rates witnessed a contraction. On Monday, this margin narrowed to N48.14 per dollar from its previous standing of N56.04 per dollar.
These fluctuations in exchange rates hold profound implications for both individuals and businesses across Nigeria, influencing purchasing power dynamics and investment strategies.
Such developments underscore the need for a keen awareness of currency movements and their potential implications on the economic landscape.
