Naira Depreciates To N1,510/$ In Parallel Market

The Nigerian Naira also decreased to N1,507.83 per dollar in the Nigerian Autonomous Foreign Exchange Market, NAFEM.

On the previous day, the Naira saw a drop in the parallel market, slipping to N1,510 per dollar compared to N1,500 per dollar on the day before.

Additionally, the Naira’s value fell to N1,507.83 per dollar in the NAFEM.

Market data from FMDQ revealed that the indicative exchange rate in NAFEM increased to N1,507.83 per dollar from N1,500.79 per dollar, an indication of a N7.04 depreciation in the Naira’s value.

The trading volume of dollars surged by 29 percent to $176.39 million, up from $136.72 million on the previous trading day. Consequently, the spread between the parallel market rate and NAFEM rates decreased to per dollar from N2.17 per dollar the previous day.