June 24, 2024

Naira Volatility Continues: Drops to N1,510/$ in Parallel Market, Appreciates to NAFEM at N1,499.07/$

 

By: Emmanuel Ibitoye

 

The naira witnessed further fluctuations in the foreign exchange market as it depreciated to N1,510 per dollar in the parallel market, marking a decline from N1,485 per dollar recorded on Monday. Conversely, the naira appreciated to N1,499.07 per dollar in the Nigerian Foreign Exchange Market (NAFEM).

 

Data from FMDQ revealed that the indicative exchange rate for NAFEM decreased from N1,534.39 per dollar on Monday, showing an appreciation of N35.32 for the naira. Consequently, the gap between the official and parallel market exchange rates narrowed to N10.93 per dollar, down from N49.39 per dollar on Monday.

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