Business

Again, Naira Depreciates In  Official, Parallel Markets

According to data from FMDQ, the indicative exchange rate for NAFEM rose to N1,300.15 per dollar.

By Johnson Atoukudu

Yesterday, the Naira experienced a decline in the Nigerian Foreign Exchange Market (NAFEM), reaching N1,300.15 per dollar, which surpasses the parallel market rate by N45.15.

According to data from FMDQ, the indicative exchange rate for NAFEM rose to N1,300.15 per dollar from N1,234.49 per dollar last Friday, representing a depreciation of N65.66 for the naira.

Similarly, the Naira’s value dropped to N1,255 per dollar in the parallel market, down from N1,250 per dollar on Monday. As a result, the gap between the parallel market and NAFEM rates widened to N45.15 per dollar from N15.51 per dollar the previous day.

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