Economy
Naira Slips to N1,520/$ in Parallel Market
The Naira experienced a notable depreciation in the parallel market, dropping to N1,520 per dollar on Wednesday, a decline from N1,515 per dollar the previous day.
Similarly, the Nigerian Autonomous Foreign Exchange Market (NAFEM) saw the Naira weaken to N1,512.61 per dollar.
Data from FMDQ indicates that the indicative exchange rate for NAFEM fell to N1,512.61 per dollar from N1,509.45 per dollar on Tuesday, marking a depreciation of N3.16 for the Naira.
The turnover in the market plummeted by 98.4 percent, with $114.91 million traded, compared to $213.31 million on Tuesday.
As a result, the disparity between the parallel market and NAFEM rates widened to N7.39 per dollar from N5.55 per dollar on Tuesday.
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