Home Business Banking & Finance Naira plummets to 1,520/$ in parallel market

Naira plummets to 1,520/$ in parallel market

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The Naira yesterday depreciated in the parallel market to N1,520 per dollar from N1,510 per dollar on Wednesday.

Similarly, the Naira depreciated to N1,510.1 per dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEM).

Data from FMDQ showed that the indicative exchange rate for NAFEM rose to N1,510.1 per dollar from N1,507.83 per dollar on Wednesday, indicating N2.27 depreciation for the naira. The volume of dollars traded (turnover) in the market rose by 62.8 per cent to $287.21 million from $176.39 million traded Wednesday.

Consequently, the margin between the parallel market and NAFEM rates widened to N10 per dollar from N2.17 per dollar on Wednesday.

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