Economy
Naira Falls Against Dollar In Parallel Market
Naira Falls Against Dollar In Parallel Market
The Naira yesterday depreciated to N1, 595 per dollar in the parallel market from N1,585 per dollar on Tuesday.
However, the Naira appreciated to N1,608.73 per dollar in the Nigerian Autonomous Foreign Exchange Market, NAFEM. Data from FMDQ showed that the indicative exchange rate for NAFEM fell to N1,608.73 per dollar from N1,621.12 per dollar on Tuesday, indicating N12.39 appreciation for the naira.
The volume of dollars traded in the market grew by 62.8 percent to $270.81 million from $166.34 million traded on Tuesday. Consequently, the margin between the parallel market and NAFEM rate narrowed to N13.73 per dollar from N36.12 per dollar on Tuesday.
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