Naira Depreciates to N1,520/$ in Parallel Market

On Friday, the Naira depreciated in the parallel market, falling to N1,520 per dollar from N1,515 per dollar on Thursday.

Conversely, in the Nigerian Autonomous Foreign Exchange Market (NAFEM), the Naira appreciated to N1,482.81 per dollar.

Data from FMDQ indicated that the NAFEM exchange rate dropped to N1,482.81 per dollar from N1,485.66 per dollar on Thursday, reflecting a N2.85 appreciation of the Naira. The market saw an intraday high of N1,511 per dollar and an intraday low of N1,400 per dollar, with a variance of N111 per dollar.

The volume of dollars traded surged by 35.7 percent, reaching $556.25 million compared to $167.55 million the previous day. Consequently, the gap between the parallel market and NAFEM rates widened to N37.19 per dollar from N29.34 per dollar on Thursday.

Leave a Reply

Your email address will not be published. Required fields are marked *