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    Naira Depreciates Against Dollar as FX Trading Volume Drops 77.7%

    Frank

    Published

    Dollar

    The local currency depreciated to ₦1,382 per US dollar from ₦1,378 in the parallel market. Similarly, the currency dipped to ₦1,331.5 per dollar in the official Nigerian Foreign Exchange Market (NFEM).

    Data released by the Central Bank of Nigeria (CBN) revealed that the indicative foreign exchange rate for the naira rose to ₦1,331.5 per dollar from ₦1,330 per dollar recorded over the weekend, reflecting a ₦1.5 marginal loss.

    As a result of the parallel and official market movements, the arbitrage gap between both windows expanded to ₦50.5 per dollar, up from ₦48 per dollar recorded previously.

    Trading volume in the official segment also contracted significantly. The value of interbank turnover within the NFEM fell by 77.7 percent, dropping to $24.73 million compared to $111.06 million recorded at the close of last week’s trading.

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    Frank
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    Franklin Ugo Ndibe is a seasoned Nigerian journalist and media professional renowned for his incisive reporting and editorial leadership in the information and communications technology (ICT) sector.

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