Business

Naira Depreciates In Official, Parallel Markets

Data from FMDQ indicates that the indicative exchange rate for NAFEM increased to N1,169.99

By Nydra Ayibatare

The Naira’s value dropped to N1,140 per dollar in the parallel market, down from N1,060 per dollar on Thursday. Similarly, in the Nigerian Foreign Exchange Market (NAFEM), the Naira declined to N1,169.99 per dollar.

Data from FMDQ indicates that the indicative exchange rate for NAFEM increased to N1,169.99 per dollar from N1,154.98 per dollar on Thursday, marking a depreciation of N15.01 for the Naira.

Throughout the day, the market saw a high of N1,236 per dollar and a low of N1,021 per dollar, with a margin of N215.

The volume of dollars traded on the window decreased by 53.2 percent to $86.86 million from $185.62 million on Thursday. Consequently, the gap between the parallel market and NAFEM rates narrowed to N29.99 per dollar from N94.08 per dollar on Thursday.

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