Naira’s Downward Spiral: Parallel Market Exchange Rate 

Naira’s Downward Spiral: Parallel Market Exchange Rate 

According to Elizabeth Adegbesan, the value of the naira experienced a decline yesterday, dropping to N1,565 per dollar in the parallel market, compared to N1,510 per dollar recorded on Tuesday…..READ ALSO

Similarly, in the Nigerian Foreign Exchange Market (NAFEM), the naira saw a depreciation, settling at N1,503.38 per dollar yesterday.

Data sourced from FMDQ indicated a decrease in the indicative exchange rate for NAFEM to N1,503.38 per dollar from N1,499.07 per dollar on Tuesday, marking a depreciation of N4.31 for the naira.

Consequently, the disparity between the official and parallel market exchange rates widened to N61.65 per dollar yesterday, a significant increase from the N10.93 per dollar observed on Tuesday.