July 21, 2024

Naira Records Depreciation to N1,455/$ in Parallel Market

 

 

By: Emmanuel Ibitoye

 

The naira witnessed a decline to N1,455 per dollar in the parallel market, marking a shift from the N1,440 per dollar recorded the previous week Friday. In contrast, within the Nigerian Foreign Exchange Market (NAFEM), the naira experienced a drop to N1,419.86 per dollar.

 

Data sourced from FMDQ revealed that the indicative exchange rate for NAFEM decreased to N1,419.86 per dollar, signaling an appreciation of N15.67 for the naira, compared to the N1,435.53 per dollar recorded the previous weekend.

 

Consequently, the gap between the official and parallel market exchange rates expanded to N35.14 per dollar, a notable increase from the N4.47 per dollar margin observed just last week. This development underscores the dynamic nature of currency valuation in both markets, reflecting fluctuations impacting the national currency’s value.

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