May 27, 2024

Naira Depreciates to N1,520/$ in Parallel Market as Forex Challenges Persist

 

The Nigerian Naira witnessed a depreciation to N1,520 per dollar in the parallel market on Tuesday, marking a decline from N1,470 per dollar recorded last week Friday.

 

Similarly, the Naira depreciated in the Nigerian Foreign Exchange Market (NAFEM) to N1,478.11 per dollar, reflecting ongoing challenges in the forex market.

 

The data from FMDQ revealed a significant rise in the indicative exchange rate for NAFEM, signaling a N11.8 depreciation for the Naira compared to the previous weekend. This development has widened the margin between the parallel market and NAFEM rates to N41.89 per dollar, indicating persistent pressures on the Naira’s value.

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