April 17, 2024

Naira down to N1,100$ in parallel market


By Elizabeth Adegbesan

The Naira, yesterday, depreciated to N1,100 per dollar in the parallel market, from N1,080 per dollar on Monday.
Similarly, the Naira depreciated in the Nigerian Foreign Exchange Market, NAFEM, to N1,148.14 per dollar.

Data from FMDQ showed that the indicative exchange rate for NAFEM rose to N1,148.14 per dollar from N1,136.04 per dollar on Monday, indicating N12.1 depreciation for the naira.

Consequently, the margin between the parallel market and NAFEM rates narrowed to N48.14 per dollar from N56.04 per dollar on Monday.