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Naira Falls To N1,490/$ In Parallel Market

Conversely, in the Nigerian Autonomous Foreign Exchange Market (NAFEM), the Naira appreciated to N1,483.62 per dollar.

By Johnson Atoukudu

The Naira depreciated in the parallel market yesterday, dropping to N1,490 per dollar from N1,470 per dollar last week.

Conversely, in the Nigerian Autonomous Foreign Exchange Market (NAFEM), the Naira appreciated to N1,483.62 per dollar.

According to data from FMDQ, the indicative exchange rate for NAFEM decreased to N1,483.62 per dollar from N1,483.99 per dollar last weekend, representing a 37 kobo appreciation for the Naira. Additionally, the volume of dollars traded in NAFEM decreased by 40 percent, from $269.27 million last Friday to $161.69 million.

As a result, the margin between the parallel market and NAFEM rates narrowed to N6.38 per dollar from N185.67 per dollar last Friday.

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