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Again, Naira Slumps Against Dollar At Foreign Exchange Market

This indicates a N2.27 appreciation for the Naira compared to Thursday’s rate in NAFEM.

By Johnson Atoukudu

Yesterday, the Naira experienced a depreciation in the parallel market, dropping to N1,395 per dollar from Thursday’s N1,365 per dollar.

Conversely, the Naira appreciated in the Nigerian Foreign Exchange Market (NAFEM) to N1,400.4 per dollar, as per data from FMDQ.

This indicates a N2.27 appreciation for the Naira compared to Thursday’s rate in NAFEM.

The turnover of dollars traded in the market decreased by 13.3 percent to $201.88 million from the previous day’s $232.84 million.

Consequently, the margin between the parallel market and NAFEM rates narrowed to N5.4 per dollar from Thursday’s N37.67 per dollar.

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