Business
Naira Depreciates to N1,750/$ in Parallel Market, Appreciates in NAFEX
The Nigerian Naira has depreciated to N1,750 per dollar in the parallel market today, down from N1,745 per dollar on Thursday.
However, in the Nigerian Autonomous Foreign Exchange Market (NAFEX), the Naira saw an appreciation, rising to N1,652.62 per dollar from N1,658.67 on the previous day, marking a N6.05 improvement.
According to data from FMDQ, the NAFEX market recorded an intraday high of N1,703 per dollar and an intraday low of N1,640 per dollar. In addition, the volume of dollars traded in the NAFEX market surged by 48.5 percent, reaching $243.05 million, up from $163.66 million on Thursday.
As a result, the margin between the parallel market and NAFEX rate has widened to N97.38 per dollar, compared to N86.33 per dollar on Thursday.
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