Today’s Naira Exchange Rate Drops Against Dollar In Parallel Market

Today’s Naira Exchange Rate Drops Against Dollar In Parallel Market

On June 25, 2024, the Naira experienced a decline in the parallel market, reaching N1,505 per dollar compared to N1,495 per dollar over the weekend. Similarly, in the Nigerian Autonomous Foreign Exchange Market (NAFEM), the Naira depreciated to N1,490.2 per dollar.

According to data from FMDQ, the indicative exchange rate for NAFEM rose to N1,490.2 per dollar from N1,485.53 per dollar previously, marking a depreciation of N4.67 for the Naira. The volume of dollar trades decreased by 21.4% to $152 million from $193.5 million traded the previous Friday.

Consequently, the gap between the parallel market and NAFEM rates widened to N14.8 per dollar from N9.47 per dollar last weekend.