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Naira Depreciates To N1,405/$ In Parallel Market

Posted by Samuel on Fri 26th Apr, 2024 - tori.ng

Similarly, the Naira depreciated in the Nigerian Foreign Exchange Market, NAFEM, to N1,309.88 per dollar.

Naira

The Naira experienced a depreciation to N1,405 per dollar in the parallel market, down from N1,305 per dollar recorded on Wednesday.

Similarly, the Naira depreciated in the Nigerian Foreign Exchange Market, NAFEM, to N1,309.88 per dollar.

Data from FMDQ showed that the indicative exchange rate for NAFEM rose to N1,309.88 per dollar from N1,308.52 per dollar on Wednesday, indicating N1.36 depreciation for the naira.

Consequently, the margin between the parallel market and NAFEM rates widened to N95.12 per dollar from N45.15 per dollar the previous day.