Business
Naira Falls to N1,710/$ in Parallel Market
In a continued downward trend, the Naira depreciated to N1,710 per dollar in the parallel market on Thursday, dropping from N1,690 per dollar recorded the previous day.
Similarly, the Nigerian Autonomous Foreign Exchange Market (NAFEM) witnessed a depreciation, with the exchange rate climbing to N1,660.49 per dollar from Wednesday’s rate of N1,659.69 per dollar, reflecting an 80 kobo decline.
According to data from FMDQ, the volume of dollars traded in the official market surged by 86.4%, reaching $330.18 million, compared to $177.1 million exchanged on Wednesday.
As a result, the gap between the parallel market and NAFEM rates widened significantly, increasing from N30.31 per dollar to N49.51 per dollar, signaling continued pressure on the Naira.