May 27, 2024

Naira Experiences Depreciation, Hits N1,365/$ in Parallel Market

 

The Nigerian Naira witnessed a depreciation, sliding to N1,365 per dollar in the parallel market on Wednesday, marking a decline from its previous rate of N1,320 per dollar reported on Tuesday.

 

Simultaneously, the Naira also experienced a downturn in the Nigerian Foreign Exchange Market (NAFEM), where it weakened to N1,402.67 per dollar. Data sourced from FMDQ revealed that the indicative exchange rate for NAFEM surged to N1,402.67 per dollar, indicating a depreciation of N11.71 for the Naira compared to the previous day’s rate of N1,390.96 per dollar.

 

As a result of these fluctuations, the margin between the parallel market and NAFEM rates narrowed significantly to N37.67 per dollar, compared to the N70.96 per dollar difference recorded on Tuesday.

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