The naira yesterday depreciated to N1,620 per dollar in the parallel market, weakening further from N1,575 per dollar recorded on Tuesday.

However, the local currency appreciated slightly at the Nigerian Foreign Exchange Market (NFEM). Data published by FMDQ showed that the indicative exchange rate improved to N1,611.55 per dollar from N1,612.24 per dollar on Tuesday, reflecting a modest gain of 69 kobo for the naira.

As a result, the gap between the parallel market rate and the official NFEM rate narrowed significantly to N8.45 per dollar, compared to N37.24 per dollar the previous day.

Currency traders attributed the depreciation in the parallel market to heightened demand for dollars amid limited supply.

Speaking to newsmen, Mr. Danjuma Sanni, a currency dealer, explained, “There has been a continuous increase in demand for dollars with low supply. Though people are still selling their dollars, the demand continues to outpace supply.”

He added, “Today, I bought dollars at N1,600 and sold at N1,620. This morning, dollars were going for as high as N1,650, before settling between N1,610 and N1,620 by the close of the day.”

Looking ahead, Sanni expressed optimism that the exchange rate could trade below N1,600 per dollar before the end of the week.

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