Yesterday, the Nigerian naira experienced a significant depreciation in the Investors and Exporters (I&E) window, reaching N768.6 per dollar according to data from FMDQ. This marked a notable decline from the previous rate of N740.08 per dollar on Tuesday, reflecting a depreciation of N28.52 for the naira.
In the parallel market, the naira also depreciated, settling at N870 per dollar on Wednesday, compared to N867 per dollar the day before, indicating a decrease of N3.
As a result of these changes, the gap between the official and parallel market exchange rates widened to N101.4 per dollar on Wednesday, compared to N126.92 per dollar on the previous day.
The depreciation of the naira in both the I&E window and the parallel market highlights the ongoing challenges faced by the Nigerian currency and its declining value against foreign currencies. This development may have implications for the country’s economy and trade, and authorities will likely be monitoring the situation closely to address any potential impacts on inflation and overall economic stability.