Breaking News
Naira depreciates further, exchanges at N1,410/$ in parallel market
The indicative exchange rate for NAFEM dropped from N1,402.67 to N1,400.4 per dollar on Thursday, according to data from FMDQ, indicating a N2.27 appreciation for the naira.
The value of the naira fell in the parallel market yesterday, from N1,365 per dollar on Thursday to N1,410 per dollar.
On the Nigerian Foreign Exchange Market, or NAFEM, the naira did, however, improve to N1,400.4 per dollar.
The indicative exchange rate for NAFEM dropped from N1,402.67 to N1,400.4 per dollar on Thursday, according to data from FMDQ, indicating a N2.27 appreciation for the naira.
The market’s turnover, or the amount of dollars exchanged, fell by 13.3% to $201.88 million from $232.84 million the day before.
As a result, on Thursday, the difference between the NAFEM rates and the parallel market dropped to N5.4 per dollar from N37.67 per dollar.
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