The Naira has depreciated to N1,656.49 per dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEM), as revealed by FMDQ data. This marks a significant drop of N109.98 from the previous week’s rate of N1,546.51 per dollar, signaling increased pressure on the local currency.
Despite this, the Naira showed slight improvement, strengthening to N1,640 per dollar compared to N1,660 over the weekend. This reduced the gap between the parallel market and NAFEM rates to N16.49 per dollar, down from N113.59, offering a glimmer of hope for the market.