Home Business Banking & Finance Naira drops to 1,520/$

Naira drops to 1,520/$

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The Naira yesterday depreciated to N1,520 per dollar in the parallel market, from N1,470 per dollar last week Friday.

Similarly, the Naira depreciated in the Nigerian Foreign Exchange Market (NAFEM), to N1,478.11 per dollar.

Data from FMDQ showed that the indicative exchange rate for NAFEM rose to N1,478.11 per dollar from N1,466.31 per dollar last weekend, indicating N11.8 depreciation for the naira.

Consequently, the margin between the parallel market and NAFEM rates widened to N41.89 per dollar from N3.69 per dollar last weekend.

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