May 27, 2024

Naira Weakens to N1,405/$ in Parallel Market Amid Exchange Rate Pressure




The Nigerian Naira witnessed ay depreciation to N1,405 per dollar in the parallel market, down from N1,305 per dollar recorded on Wednesday. Similarly, in the Nigerian Foreign Exchange Market (NAFEM), the Naira depreciated to N1,309.88 per dollar.


Data sourced from the Financial Markets Dealers Quotations (FMDQ) indicated that the indicative exchange rate for NAFEM rose to N1,309.88 per dollar, marking a depreciation of N1.36 for the Naira compared to the previous day’s rate of N1,308.52 per dollar.


The widening margin between the parallel market and NAFEM rates expanded to N95.12 per dollar, up from N45.15 per dollar observed the previous day.

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