The Nigerian currency, the Naira, has continued to depreciate, hitting N1,656.49 per dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEM). This is a significant drop compared to the previous week’s exchange rate, signaling ongoing pressure on the Naira.
According to data from FMDQ, the exchange rate for the Naira in NAFEM rose to N1,656.49 per dollar, a sharp increase from last Friday’s rate of N1,546.51 per dollar. This reflects a depreciation of N109.98 for the Naira within a week.

However, there was a slight improvement over the weekend, as the Naira appreciated to N1,640 per dollar, from N1,660 per dollar.

A notable development is the narrowing of the margin between the NAFEM rate and the parallel market rate. The gap has reduced to N16.49 per dollar from N113.59 last week. This indicates that the rates in both markets are moving closer to each other.
The recent movement in the Naira’s value highlights the ongoing volatility in Nigeria’s foreign exchange market. As the Naira continues to fluctuate, both the official NAFEM rate and the parallel market rate are inching closer, showing signs of convergence.