May 23, 2024

Naira depreciates to N1,495/$ in parallel market


By Elizabeth Adegbesan

The Naira yesterday depreciated in the parallel market to N1,495 per dollar from N1,470 per dollar on Tuesday.

However, the Naira appreciated to N1,462.59 per dollar in the Nigerian Autonomous Foreign Exchange Market, NAFEM.

Data from FMDQ showed that the indicative exchange rate for NAFEM fell to N1,462.59 per dollar from N1,465.68 per dollar on Tuesday, indicating N3.09 appreciation for the naira.

Consequently, the margin between the parallel market and NAFEM rates widened to N33.59 per dollar from N4.32 per dollar on Tuesday.