Naira Falls to N1,535/$ in Parallel Market

Naira Falls to N1,535/$ in Parallel Market

Yesterday, the Naira depreciated in the parallel market, dropping to N1,535 per dollar from N1,530 per dollar last Friday. Similarly, the Naira weakened to N1,523.85 per dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEM).

According to data from FMDQ, the indicative exchange rate for NAFEM increased to N1,523.85 per dollar from N1,509.67 per dollar last weekend, marking a N14.18 depreciation for the Naira. The volume of dollars traded in the market decreased by 14.2%, falling to $133.46 million from $116.88 million traded last Friday.

As a result, the gap between the parallel market and NAFEM rates narrowed to N11.15 per dollar from N20.33 per dollar last weekend.