By Milcah Tanimu

Yesterday, the Naira depreciated further in the parallel market, dropping to N1,520 per dollar from Wednesday’s rate of N1,510 per dollar. This decline was mirrored in the Nigerian Autonomous Foreign Exchange Market (NAFEM), where the Naira fell to N1,510.1 per dollar.

Data from FMDQ revealed that the indicative exchange rate for NAFEM increased to N1,510.1 per dollar from N1,507.83 per dollar the previous day, marking a N2.27 depreciation for the Naira. Additionally, the volume of dollars traded in the market surged by 62.8 percent, rising to $287.21 million from $176.39 million on Wednesday.

As a result, the margin between the parallel market and NAFEM rates expanded significantly, reaching N10 per dollar from the previous day’s N2.17 per dollar