On September 6, 2024, the Naira fell to N1,640 per dollar in the parallel market, down from N1,620 per dollar the previous day. In the Nigerian Autonomous Foreign Exchange Market (NAFEM), the currency also depreciated to N1,639.41 per dollar, up from N1,625.88 per dollar on Wednesday.
FMDQ data revealed a N13.53 depreciation in the indicative exchange rate for NAFEM. Additionally, the volume of dollars traded in the market decreased by 9.7 percent, dropping from $205.76 million to $185.79 million.
As a result, the gap between the parallel market rate and the NAFEM rate has narrowed to 59 kobo per dollar, down from 5.88 naira per dollar the previous day.
News Editor