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HomeFinanceNaira Depreciates to N1,620/$ in Unofficial Market

Naira Depreciates to N1,620/$ in Unofficial Market

The naira witnessed a decline, hitting N1,620 against the dollar in the parallel market, down from N1,615 a day earlier.

 

In parallel, within the Nigerian Foreign Exchange Market (NAFEM), the naira dipped to N1,615.94 per dollar.

 

According to FMDQ data, the indicative exchange rate for NAFEM climbed to N1,615.94 per dollar from Tuesday’s N1,603.38, marking a N12.56 depreciation for the naira.

 

Trading saw highs of N1,635 and lows of N1,500 per dollar, translating to a variance of N135. Notably, market turnover surged by 103.5 percent to $248.75 million compared to Tuesday’s $122.18 million.

 

As a result, the gap between the parallel market rate and NAFEM narrowed to N4.06 per dollar from Tuesday’s N11.62 per dollar.

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