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July 10, 2024

Naira stable at N1,535/$ in parallel market


By Elizabeth Adegbesan

The Naira yesterday was stable at N1,535 per dollar in the parallel market.

However, the Naira depreciated to N1,532.58 per dollar in the Nigerian Autonomous Foreign Exchange Market, NAFEM.

Data from FMDQ showed that the indicative exchange rate for NAFEM rose to N1,532.58 per dollar from N1,523.85 per dollar on Monday, indicating N8.73 depreciation for the naira.

The volume of dollars traded (turnover) in the market increased by 41 percent to $188.19 million from $133.46 million traded on Monday.

Consequently, the margin between the parallel market and NAFEM rates narrowed to N2.42 per dollar from N11.15 per dollar on Monday.