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Naira Hits N1,490/$ In Parallel Market

Yesterday, the Naira saw a decline to N1,490 per dollar in the parallel market, nearing the N1,500 threshold, compared to the previous rate of N1,470 on Tuesday. On the other hand, the Naira gained strength in the Nigerian Foreign Exchange Market (NAFEM), reaching N1,455.59 per dollar.

According to FMDQ data, the indicative exchange rate for NAFEM dropped from N1,482.57 to N1,455.59 per dollar, marking a N26.98 appreciation for the Naira. As a result, the gap between the official and parallel market exchange rates widened to N34.41 per dollar, up from N12.57 on Tuesday.

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