Naira Falls To N1,395/$ In Parallel Market

0
Naira Depreciates To N1,530/$ In Official Market
Naira Depreciates To N1,530/$ In Official Market

The naira fell to N1,395 per dollar in the parallel market, down from N1,365 on Thursday.

However, the naira rose to N1,400.4 per dollar on the Nigerian Foreign Exchange Market (NAFEM).

However, the naira rose to N1,400.4 per dollar on the Nigerian Foreign Exchange Market (NAFEM).

According to FMDQ data, the indicative exchange rate for NAFEM fell to N1,400.4 per dollar from N1,402.67 per dollar on Thursday, indicating a naira appreciation of N2.27.

 

The volume of dollars traded (turnover) in the market declined by 13.3 percent to $201.88 million from $232.84 million traded the previous day.

Consequently, the margin between the parallel market and NAFEM rates narrowed to N5.4 per dollar from N37.67 per dollar on Thursday.