Business

Naira Depreciates In Parallel Market

Data from FMDQ reveals that the indicative exchange rate for NAFEM increased to N1,234.49.

By Johnson Atoukudu

Yesterday, the Naira saw a decline to N1,250 per dollar in the parallel market, down from N1,140 per dollar on Thursday. Similarly, in the Nigerian Foreign Exchange Market (NAFEM), the Naira depreciated to N1,234.49 per dollar.

Data from FMDQ reveals that the indicative exchange rate for NAFEM increased to N1,234.49 per dollar from N1,169.99 per dollar the previous Friday, reflecting a depreciation of N64.5 for the Naira.

Consequently, the gap between the parallel market and NAFEM rates narrowed to N15.51 per dollar from N29.99 per dollar over the weekend.

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