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June 11, 2024

Naira down to N1,490/$ in parallel market


By Elizabeth Adegbesan

The Naira yesterday depreciated in the parallel market to N1,490 per dollar from N1,470 per dollar last week.

However, the Naira appreciated to N1,483.62 per dollar in the Nigerian Autonomous Foreign Exchange Market, NAFEM.

Data from FMDQ showed that the indicative exchange rate for NAFEM fell to N1,483.62 per dollar from N1,483.99 per dollar last weekend, indicating 37 kobo appreciation for the naira.
The volume of dollars traded in NAFEM fell by 40 percent to $161.69 million from $269.27 million traded Friday last week.

Consequently, the margin between the parallel market and NAFEM rates narrowed to N6.38 per dollar from N185.67 per dollar last week Friday.