See What Just Happens to Naira in Parallel Market
The Naira fell to N1,575 per dollar in the parallel market yesterday, down from N1,565 per dollar on Tuesday. In the Nigerian Autonomous Foreign Exchange Market (NAFEM), the Naira depreciated further to N1,586.71 per dollar.
According to FMDQ data, the indicative exchange rate for NAFEM increased to N1,586.71 per dollar, up from N1,548.76 per dollar on Tuesday, marking a depreciation of N37.95.
The market saw a significant drop in the volume of dollars traded, with turnover decreasing by 39 percent to $171.03 million from Tuesday’s $280.92 million.
As a result, the gap between the parallel market rate and the NAFEM rate narrowed to N11.71 per dollar from N16.08 per dollar on Tuesday.
