May 17, 2024

Naira depreciates to N1,540/$ in parallel market


By Elizabeth Adegbesan

The Naira yesterday depreciated in the parallel market to N1,540 per dollar from N1,530 per dollar on Wednesday.

Similarly, the Naira yesterday depreciated to N1,533.99 per dollar in the Nigerian Autonomous Foreign Exchange Market, NAFEM.

Data from FMDQ showed that the indicative exchange rate for NAFEM rose to N1,533.99 per dollar from N1,459.02 per dollar on Wednesday, indicating N74.97 depreciation for the naira.

Consequently, the margin between the parallel market and NAFEM rates narrowed to N6.01 per dollar from N70.98 per dollar on Wednesday.