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July 11, 2024

Naira depreciates to N1,560/$ in parallel market


By Elizabeth Adegbesan

The Naira yesterday depreciated to N1,560 per dollar in the parallel market from N1,535 per dollar on Tuesday.

Similarly, the Naira depreciated to N1,561.98 per dollar in the Nigerian Autonomous Foreign Exchange Market, NAFEM.

Data from FMDQ showed that the indicative exchange rate for NAFEM rose to N1,561.98 per dollar from N1,532.58 per dollar on Tuesday, indicating N29.4 depreciation for the naira. Consequently, the margin between the parallel market and NAFEM rates narrowed to N1.98 per dollar from N2.42 per dollar on Tuesday.