June 15, 2024

Naira Falls to N1,500/$ in Parallel Market

 

 

By: Emmanuel Ibitoye

 

The naira witnessed a depreciation, reaching N1,500 per dollar in the parallel market on Wednesday, compared to N1,465 per dollar the previous day.

Similarly, in the Nigerian Foreign Exchange Market (NAFEM), the naira depreciated to N1,479.47 per dollar. Data from FMDQ indicated that the indicative exchange rate for NAFEM rose to N1,479.47 per dollar from N1,418.78 per dollar on Wednesday, reflecting a N60.69 depreciation for the naira.

 

Consequently, the gap between the official and parallel market exchange rates narrowed to N20.53 per dollar on Wednesday from N46.22 per dollar the day before.

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