Naira exchanges for N1,510/$ in parallel market

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

But, the naira yesterday appreciated to N1,382.35 per dollar in the Nigerian Foreign Exchange Market (NAFEM). Data from FMDQ showed that the indicative exchange rate for NAFEM fell to N1,382.35 per dollar from N1,492.61 per dollar on Wednesday, indicating N110.26 appreciation for the naira.

Consequently, the margin between the parallel market rate and NAFEM widened to N97.65 per dollar from N42.61 per dollar on Wednesday.