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Naira Slides Against Dollar as FX Market Turnover Drops by 56.8%
The naira depreciated to N1,405 per dollar in the parallel market and N1,361.5 per dollar in the official market, while FX turnover dropped by 56.8%, according to CBN data.
The naira extended its decline against the dollar on Wednesday, losing value across both the parallel market and the Nigerian Foreign Exchange Market (NFEM).
At the parallel market, the currency exchanged at N1,405 per dollar, down from N1,389 per dollar on Tuesday.
In the official market, data from the Central Bank of Nigeria (CBN) showed that the indicative exchange rate weakened to N1,361.5 per dollar from N1,356.5 per dollar the previous day, representing a N5 depreciation.
The latest movement in exchange rates increased the spread between the parallel and official markets to N43.5 per dollar, compared with N32.5 per dollar on Tuesday.
Market data also revealed a significant decline in trading volume, as interbank turnover in the NFEM fell by 56.8 per cent to $54.3 million, down from $125.7 million recorded a day earlier.
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