Home Business Banking & Finance Naira depreciates, hits 1,490/$ in parallel market

Naira depreciates, hits 1,490/$ in parallel market

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The Naira yesterday depreciated in the parallel market to N1,490 per dollar from N1,470 per dollar last week Friday.

Similarly, the Naira depreciated to N1,483.02 per dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEM).

Data from FMDQ showed that the indicative exchange rate for NAFEM rose to N1,483.02 per dollar from N1,482.72 per dollar last weekend , indicating 30 kobo depreciation for the naira.

Consequently, the margin between the parallel market and NAFEM rates narrowed to N6.98 per dollar from N12.72 per dollar last weekend.

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