Naira takes drastic downturn in FX market

In the parallel market, the value of the Naira on Friday decreased from N1,615 per dollar on Thursday to N1,625 per dollar. Likewise, in the Nigerian Autonomous Foreign Exchange Market, or NAFEM, the value of the Naira fell to N1,598.56 per dollar yesterday.

According to data from FMDQ, the naira depreciated by N4.62 as the indicative exchange rate for NAFEM increased to N1,598.56 per dollar on Thursday from N1,593.93 per dollar on Thursday.

From $155.52 million transacted on Thursday, the amount of dollars moved (turnover) in the market grew by 11% to $172.8 million. As a result, on Thursday, the difference between the NAFEM rate and the parallel market was N26.44 per dollar, up from N21.07 per dollar.