February 23, 2024

Naira records new low, falls to N1,665/$ at NAFEM

Naira falls to N1,534 per dollar at official market
By Elizabeth Adegbesan

The Naira on Friday recorded a new low depreciating to N1,665.5 per dollar in the Nigerian Foreign Exchange Market (NAFEM).

Data from FMDQ showed that the indicative exchange rate for NAFEM rose to N1,665.5 per dollar from N1,571.31 per dollar on Thursday, indicating N94.19 depreciation for the naira.

The market recorded an intraday high of N1,805 per dollar and an intraday low of N1,301 per dollar resulting in a bearing of N504 per dollar.

The volume of dollars traded fell by 24 percent to $699.47 million this week from $886.49 million last week .

Similarly, the naira on Friday depreciated to N1,750 per dollar in the parallel market from N1,710 per dollar on Thursday .

As a result, the gap between the official and parallel market exchange rates narrowed to N84.5 per dollar Friday from N138.69 per dollar on Thursday.