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Naira Falls Further: Parallel Market Exchange Rate Soars Today 22nd November 2024
Naira Falls Further: Parallel Market Exchange Rate Soars Today 22nd November 2024
The Naira continued its volatile trajectory on Thursday, depreciating to N1,745 per dollar in the parallel market, down from N1,740 the previous day.……READ MORE
However, in the Nigerian Autonomous Foreign Exchange Market (NAFEM), the Naira appreciated slightly, closing at N1,658.67 per dollar compared to N1,687.52 on Wednesday—a gain of N28.85.
Data from FMDQ showed a decline in dollar trading volumes, with turnover dropping by 5.5% to $163.66 million from Wednesday’s $173.29 million.
This widening gap between the parallel market and NAFEM exchange rates pushed the margin to N86.33 per dollar, up from N52.48 the previous day, signaling increasing disparities in Nigeria’s forex markets.
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