Breaking News
Naira depreciates to N1,505/$ in parallel market
The amount of money exchanged in the market, or turnover, decreased by 21.4% to $152 million from $193.5 million on Friday of previous week.
In the parallel market, the value of the Naira fell yesterday, from N1,495 per dollar last weekend to N1,505 per dollar today.
In a similar vein, the value of the Naira declined on the Nigerian Autonomous Foreign Exchange Market, or NAFEM, to N1,490.2 per dollar. The indicative exchange rate for NAFEM increased to N1,490.2 per dollar from N1,485.53 per dollar last weekend, according to data from FMDQ, suggesting an N4.67 devaluation of the naira.
The amount of money exchanged in the market, or turnover, decreased by 21.4% to $152 million from $193.5 million on Friday of previous week.
As a result, the difference in rates between the NAFEM and parallel market grew from N9.47 to N14.8 per dollar over the previous weekend.
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