Naira depreciates to N1,740/$

The naira today depreciated to N1,740 per dollar in the parallel market from N1,725 per dollar on Thursday .

Data from FMDQ showed that the indicative exchange rate for NAFEM rose to N1,678.87 per dollar from N1,639.5 per dollar on Thursday indicating N49.37 depreciation for the naira.

Similarly, the naira depreciated to N1,678.87 per dollar in the Nigerian Autonomous Foreign Exchange Market, NAFEM.

The volume of dollars traded (turnover) in the official market grew by 473 percent to $1,403.76 million from $244.96 million traded on Thursday .

The Nigerian naira weakened by 0.12% against the US dollar in the parallel market, on October 25, 2024, trading at N1,730/$1—a marginal decline of N2 from the previous rate of N1,728.

This marks the second consecutive day of depreciation after a 0.58% appreciation on October 23, when the naira traded at N1,725/$1.

Since October 15, the naira has consistently traded above the N1,600 threshold in this official market.

The gap between the parallel market rate and the official rate widened to N128.80, up from the previous day’s difference of N73.91. Additionally, data from NAFEM showed a 69% surge in forex transactions, totaling $230.99 million compared to $136.68 million previously.

Meanwhile, the naira reversed a three-day depreciation streak in the Investors and Exporters (I&E) window, closing at N1,601.20/$1—a 3.30% improvement from the prior close of N1,654.09.

Consequently, the margin between the parallel market and NAFEM rate narrowed to N61.13 per dollar from N85.5 per dollar on Thursday.

This is the highest volume traded in years.