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Naira Falls to N1,495/$ in Parallel Market

Yesterday, the Naira depreciated in the parallel market, dropping to N1,495 per dollar from N1,470 per dollar on Tuesday. In contrast, the Naira appreciated in the Nigerian Autonomous Foreign Exchange Market (NAFEM), rising to N1,462.59 per dollar.

Data from FMDQ indicated that the NAFEM indicative exchange rate improved to N1,462.59 per dollar from N1,465.68 per dollar on Tuesday, marking a N3.09 appreciation for the Naira.

As a result, the gap between the parallel market and NAFEM rates widened significantly to N33.59 per dollar from N4.32 per dollar on Tuesday.

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Written by Charles Daisi

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