Fatshimetrie deplores the recent evolution of the exchange rate of the Nigerian naira against the US dollar on the foreign exchange market. Indeed, a depreciation of up to 1,658.48 naira per dollar has been observed in the Nigerian Autonomous Foreign Exchange Market (NAFEM) according to FMDQ data. This decline reflects a weakening of the national currency against the American currency, with a depreciation of 95.82 naira compared to the previous exchange rate.
The increase in the volume of transactions in dollars in the official market, with a turnover up 66% to reach 166.36 million dollars, testifies to the importance of international trade for the Nigerian economy. However, this dynamic was not enough to prevent the depreciation of the naira on the foreign exchange market.
At the same time, there is an appreciation of the naira in the parallel market, going from 1,660 to 1,655 naira per dollar. This situation highlights the disparities that can exist between the different foreign exchange markets and highlights the volatility of the Nigerian currency in a complex economic context.
This recent development has also reduced the gap between the parallel market exchange rate and that of the NAFEM, from N97.01 to N3.48 per dollar. This convergence of exchange rates can be interpreted as an attempt to stabilize the foreign exchange market, but it also highlights the challenges facing the Nigerian economy in maintaining the stability of its currency.
In conclusion, the current situation of the exchange rate between the Nigerian Naira and the US Dollar reflects the economic challenges facing Nigeria. It is essential for the authorities and economic actors to implement effective measures to maintain the stability of the national currency and foster an environment conducive to international trade and economic growth.