Tuesday, April 23, 2024
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HomeFinanceNaira Exchanges at N1250/$ in Parallel Market

Naira Exchanges at N1250/$ in Parallel Market

 

The naira witnessed a significant decline, reaching N1,250 per dollar in the parallel market, down from N1,510 per dollar just a day earlier.

Similarly, within the Nigerian Foreign Exchange Market (NAFEM), the naira depreciated to N1,503.38 per dollar.

Data sourced from FMDQ revealed a notable drop in the indicative exchange rate for NAFEM, falling to N1,503.38 per dollar from N1,499.07 per dollar on the previous Tuesday, marking a N4.31 depreciation for the naira.

This shift widened the gap between the official and parallel market exchange rates to N61.65 per dollar, highlighting the currency’s continued volatility.

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