Naira Drops On Parallel Market To #1,490/$


In the parallel market, the value of the Naira dropped from N1,470 per dollar last week to N1,490 per dollar yesterday.

Nonetheless, on the Nigerian Autonomous Foreign Exchange Market, or NAFEM, the value of the Naira increased to N1,483.62 for every dollar.

The indicative exchange rate for NAFEM dropped from N1,483.99 per dollar last weekend to N1,483.62 per dollar this past weekend, according to data from FMDQ, indicating a 37 kobo appreciation for the naira.

From $269.27 million traded on Friday of last week to $161.69 million this week, the amount of dollars traded in NAFEM decreased by 40%.

As a result, last Friday’s difference between the parallel market and NAFEM rates shrank to N6.38 per dollar from N185.67.