Economy
Naira Falls to N1,500/$ in Parallel Market
The Naira experienced a sharp decline in the parallel market yesterday, dropping to N1,500 per dollar from N1,485 per dollar on Tuesday.
Similarly, in the Nigerian Autonomous Foreign Exchange Market (NAFEM), the Naira depreciated, reaching N1,476.24 per dollar. Data from FMDQ indicated that the indicative exchange rate for NAFEM rose from N1,473.66 per dollar on Tuesday, reflecting a N2.58 depreciation for the Naira.
Adding to the economic concerns, the volume of dollars traded in the NAFEM window plummeted by 76 percent, decreasing to $92.68 million from $385.91 million on Tuesday.
As a result, the gap between the parallel market and NAFEM rates widened significantly, with the margin increasing to N23.76 per dollar from N11.34 per dollar on Tuesday.
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