May 24, 2024

Naira depreciates to N1,520/$ in parallel market


…As NAFEM turnover rises 232%

By Elizabeth Adegbesan

The Naira Friday depreciated in the parallel market to N1,520 per dollar from N1,515 per dollar on Thursday.

However, the Naira appreciated to N1,482.81 per dollar in the Nigerian Autonomous Foreign Exchange Market, NAFEM.

Data from FMDQ showed that the indicative exchange rate for NAFEM fell to N1,482.81 per dollar from N1,485.66 per dollar on Thursday, indicating N2.85 appreciations for the naira.

The market recorded an intraday high of N1,511 per dollar and an intraday low of N1,400 per dollar, resulting in a bearing of N111 per dollar.

The volume of dollars traded (turnover) increased by 35.7 percent to $556.25 million from $167.55 million the previous day.

Consequently, the margin between the parallel market and NAFEM rates widened to N37.19 per dollar from N29.34 per dollar on Thursday.