Naira Falls to N1,595/$ in Parallel Market

Naira Falls to N1,595/$ in Parallel Market 

Yesterday, the Naira depreciated to N1,595 per dollar in the parallel market, down from N1,590 per dollar on Tuesday.

Similarly, the Naira weakened to N1,586.04 per dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEM).

Data from FMDQ indicated that the indicative exchange rate for NAFEM increased to N1,586.04 per dollar from N1,582.09 per dollar on Tuesday, reflecting a N3.95 depreciation for the Naira.

The volume of dollars traded in the market dropped by 54 percent to $92.39 million from $201.43 million traded on Tuesday. Consequently, the gap between the parallel market and NAFEM rates widened to N8.96 per dollar from N7.91 per dollar on Tuesday.

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Suleiman Inuwa

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