See How Naira Drops in Parallel Market Today
Yesterday, the Naira fell to N1,505 per dollar in the parallel market, down from N1,495 per dollar last weekend. Similarly, it declined to N1,490.2 per dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEM).
FMDQ data revealed that the indicative exchange rate for NAFEM increased to N1,490.2 per dollar from N1,485.53 per dollar last weekend, marking a depreciation of N4.67 for the Naira. The market turnover also saw a decrease of 21.4%, dropping to $152 million from $193.5 million the previous Friday.
As a result, the gap between the parallel market and NAFEM rates expanded to N14.8 per dollar from N9.47 per dollar last weekend.
