Breaking News
Naira depreciates to N1,169.99/$ in parallel market
The indicative exchange rate for NAFEM increased to N1,169.99 per dollar from N1,154.98 per dollar on Thursday, according to data from FMDQ, suggesting a N15.01 depreciation of the naira.
In the parallel market, the value of the Naira decreased from N1,060 per dollar on Thursday to N1,140 per dollar today.
In a similar vein, the value of the Naira dropped to N1,169.99 per dollar on the Nigerian Foreign Exchange Market (NAFEM).
The indicative exchange rate for NAFEM increased to N1,169.99 per dollar from N1,154.98 per dollar on Thursday, according to data from FMDQ, suggesting a N15.01 depreciation of the naira.
With an intraday high of N1,236 per dollar and a low of N1,021 per dollar, the market produced a N215 margin. The amount of money exchanged on the window fell from N185.62 million on Thursday to $86.86 million, a 53.2 percent decrease.
Consequently, the margin between the parallel market and NAFEM rates narrowed to N29.99 per dollar from N94.08 per dollar on Thursday.
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