Economy
Naira Drops to N1,490/$ in Parallel Market
Yesterday, the Naira experienced a depreciation in the parallel market, falling to N1,490 per dollar, down from N1,470 per dollar the previous week.
In contrast, the Naira saw an appreciation in the Nigerian Autonomous Foreign Exchange Market (NAFEM), rising to N1,483.62 per dollar.
Data from FMDQ revealed that the indicative exchange rate for NAFEM appreciated by 37 kobo, moving from N1,483.99 per dollar last weekend to N1,483.62 per dollar. However, the volume of dollars traded in NAFEM decreased significantly by 40 percent, dropping to $161.69 million from $269.27 million traded the previous Friday.
As a result, the margin between the parallel market rate and the NAFEM rate narrowed significantly to N6.38 per dollar, compared to N185.67 per dollar last Friday.
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