Home Business Banking & Finance Naira plummets to 1,535/$ in parallel market

Naira plummets to 1,535/$ in parallel market

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The Naira yesterday depreciated in the parallel market to N1,535 per dollar from N1,530 per dollar last week Friday.

Similarly, the Naira depreciated to N1,523.85 per dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEM).

Data from FMDQ showed that the indicative exchange rate for NAFEM rose to N1,523.85 per dollar from N1,509.67 per dollar last weekend, indicating N14.18 depreciation for the naira.

The volume of dollars traded (turnover) in the market fell by 14.2 per cent to $133.46 million from $116.88 million traded last week Friday.

Consequently, the margin between the parallel market and NAFEM rates narrowed to N11.15 per dollar from N20.33 per dollar last weekend.

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