Naira Depreciates To N1,415/$ In Parallel Market

Similarly, in NAFEM, it depreciated to N1,416.57 per dollar.

By Johnson Atoukudu

The Naira experienced a depreciation in both the parallel market and the Nigerian Foreign Exchange Market (NAFEM) yesterday. In the parallel market, it dropped to N1,415 per dollar from N1,410 on Monday.

Similarly, in NAFEM, it depreciated to N1,416.57 per dollar.

According to data from FMDQ, the indicative exchange rate for NAFEM decreased to N1,416.57 per dollar from N1,354.21 per dollar on Monday, indicating a depreciation of N62.36 for the Naira.

Consequently, the margin between the parallel market and NAFEM rates narrowed to N1.57 per dollar from N55.79 per dollar on Monday.


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