Naira depreciates to N1,635 in parallel market

Related Articles

How FG Spent $2.78bn On Debt Servicing In First Seven Months Of 2024

7 days ago

EFCC returns $180,300, 53 cars STOLEN BY NIGERIANS to Canada

1 week ago

Nigeria’s Aliko Dangote regains Africa’s richest title from Johan Rupert

1 week ago

The Naira yesterday depreciated to N1,635 per dollar in the parallel market from N1,625 per dollar last weekend.

However, the Naira yesterday appreciated to N1,585.77 per dollar in the Nigerian Autonomous Foreign Exchange Market, NAFEM.
Data from FMDQ showed that the indicative exchange rate for NAFEM fell to N1,585.77 per dollar from N1,598.56 per dollar last weekend, indicating N12.79 appreciation for the naira. The volume of dollars traded (turnover) in the market declined by 58.8 percent to $71.18 million from $172.8 million traded last week Friday.

Consequently, the margin between the parallel market and NAFEM rate widened to N49.23 per dollar from N26.44 per dollar last weekend.