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See what happens to Naira against Dollars In Parallel Market

Published by Tope Fakinlede on June 28th, 2024.

See what happens to Naira against Dollars In Parallel Market

Yesterday

Naira

, the Naira weakened in the parallel market, dropping to N1,520 per dollar from N1,510 per dollar the previous day. Similarly, in the Nigerian Autonomous Foreign Exchange Market (NAFEM), the Naira fell to N1,510.1 per dollar.

According to data from FMDQ, the indicative exchange rate for NAFEM increased to N1,510.1 per dollar from N1,507.83 per dollar on Wednesday, marking a depreciation of N2.27 for the Naira. Additionally, the market saw a 62.8 percent increase in the volume of dollars traded, rising to $287.21 million from $176.39 million on Wednesday.

As a result, the gap between the parallel market rate and the NAFEM rate widened to N10 per dollar, up from N2.17 per dollar on Wednesday.