Parallel Market Exchange Rates Show Naira Depreciation

Parallel Market Exchange Rates Show Naira Depreciation

Yesterday, the Naira’s value dropped to N1,570 per dollar in the parallel market, down from N1,550 per dollar the previous day…….. CONTINUE READING 

Similarly, the Naira also depreciated to N1,581.65 per dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEM). Data sourced from FMDQ revealed that the indicative exchange rate for NAFEM increased from N1,576.66 per dollar on Tuesday, marking a depreciation of N4.99 for the Naira. The trading volume of dollars on the NAFEM window decreased by 21.7 percent to $108.16 million compared to $138.17 million traded on Tuesday.

Consequently, the gap between the exchange rates in the parallel market and NAFEM narrowed to N11.65 per dollar, down from N26.66 per dollar recorded on Tuesday.