Naira Falls Again In Parallel Market

Naira Falls Again In Parallel Market

Yesterday, the naira experienced a depreciation to N1,230 per dollar in the parallel market, compared to N1,225 per dollar the previous week Friday.

On the other hand, the naira appreciated to N872.59 per dollar in the official Nigerian Foreign Exchange Market (NAFEM). Data from FMDQ indicated that the indicative exchange rate for NAFEM dropped to N872.59 per dollar from N885.88 per dollar over the weekend, marking a N13.29 appreciation for the naira.

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As a result, the gap between the official and parallel market exchange rates expanded to N357.41 per dollar on the day, up from N339.12 per dollar the previous week Friday.

The volume of dollars traded on the window saw a 39 percent increase to $127.93 million, up from $92.16 million traded over the weekend.

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