Naira Falls In Parallel Market (SEE EXCHANGE RATE)

Naira Falls In Parallel Market (SEE EXCHANGE RATE)

On Monday, the Naira experienced a decline to N1,170 per dollar in the parallel market, compared to the N1,166 per dollar recorded last week Friday.

In contrast, the Naira demonstrated an appreciation to N837.77 per dollar in the Nigerian Foreign Exchange Market (NAFEM).

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Data obtained from FMDQ revealed that the indicative exchange rate for NAFEM decreased to N837.77 per dollar from the previous N927.19 per dollar last week Friday, reflecting an appreciation of N89.42 kobo for the Naira.

The volume of dollars traded, or turnover, on NAFEM witnessed a 32.8 percent decrease, falling from $110.14 million last week Friday to $73.93 million. Consequently, the gap between the official and parallel market exchange rates widened, reaching N332.23 per dollar yesterday, compared to the N238.81 per dollar observed last week Friday.

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